Let’s talk about cryptocurrencies today. Today we are going to give you some general investing advise if you’re thinking of investing in cryptocurrencies. Let us begin.
Bitcoin doesn’t look like that it’s going away anytime soon, and it doesn’t look like it would go without a fight either. We remember Jamie Dimon, the CEO of JP Morgan Chase Bank, made a statement saying that bitcoin is a fraud and it is eventually going to blow up, and anybody who invests their money in Bitcoin is stupid. This statement got a lot of people angry, but it turned out rather hilarious. Because right after Jamie Dimon said this, his daughter sent him an email saying – hi daddy, I actually owned Bitcoin, and I made money on it. That’s a little awkward definitely. You can check the whole news here go url .
However, right around the same time when Jamie Dimon made the statement, China made an announcement that they’re going to ban Bitcoin. This news sent Bitcoin tumbling down to about thirty-five thousand dollars a coin. Now, just about a month and a half later, Bitcoin shot up to over seventy-three hundred dollars a coin, more than doubling people’s money in only a few weeks. That is crazy, as the average stock market return is something like 10% a year and to think that people more than doubled their money in cryptocurrency in just a few weeks – that is insane.
If you’re unfamiliar with what cryptocurrency and Bitcoin is, you can do a little search on Google, and you’ll find plenty of resources. But in this video, we are going over four things you need to know about Bitcoin before you invest your money in it. And, as always, there is absolutely no guarantee that you will make money when you invest, and there’s always an equal chance losing money when you invest, so you must speak to a friendly professional in your knowledge so that you understand all the local laws, rules, regulations and risks that govern investing.
First, this one is more of just general investing advice, and it doesn’t only apply to Bitcoin. Please don’t invest on emotion, but do invest in financials. We think the most common argument we hear as to why people should invest in Bitcoin today because if you had invested $100 in Bitcoin in 2010, it would have been worth more than two hundred million dollars today – so you should not miss out on this opportunity. Well, that’s absolutely stupid, because that has already happened. We can’t go back in time, and it’s an emotional argument, certainly not a financial argument. The past performance of something does not predict its future performance, so we should remember that we are buying Bitcoin today, and not back in 2010. Nobody could predict if Bitcoin is going to the moon or is coming back crashing to earth, so better keep that in mind. And because Bitcoin, or cryptocurrency in general, is so new and volatile that it can go up very quickly like we just saw, and it can come down just as quickly.