Preston-based payroll, bookkeeping and accountancy experts, IM Bookkeeping, are offering much needed advice for organisations and individuals interested in cryptocurrencies.
This will be of particularly interest for many at the present moment in time, given the huge rally in the market over the past few weeks. On Tuesday, the price of one Bitcoin (BTC) reached £14,932, up from £3,300 in March, and speculation continues that it will soon eclipse its all-time high of £15,599.
Ildiko Mokran’s IM Bookkeeping is encouraging people to get in touch if they want expert advice on this fascinating area of finance.
One possible factor behind the rally is Paypal’s decision in October to allow users to buy and sell Bitcoin and other cryptocurrencies via their Paypal account.
While a number of high-profile funds, including Wallstreet’s Guggenheim Partners, are now keeping significant holdings in crypto.
‘It seems that barely a day goes past when we don't read a headline about a mainstream fund or company expressing an intention to put some of their holdings into Bitcoin,’ said Rhian Lewis, author of The Cryptocurrency Revolution.
‘Price predictions are notorious for being wrong, so it's entirely likely there will be more dips and volatility.
‘But this time it feels very different from the 2017 high - there seems to be more real demand, and the narrative is more measured.’
Finance and economics writer Frances Coppola urged caution.
‘Never invest money you can't afford to lose. Bitcoin is a speculative asset and has a history of sudden crashes. It's not worth risking your house or your life savings for it.
‘And borrowing to invest in Bitcoin or other crypto-currencies is a bad idea unless you are a professional trader.’
For anyone with any interest in this fascinating area of finance, Ildiko Mokran’s IM Bookkeeping might be great place to start.
Photo by André François McKenzie on Unsplash