Bitcoin's future is grim, but I own 2 Bitcoins anywayJan 25, 2024
I very rarely talk about crypto / Bitcoin as it really has nothing to do with our portfolio. None of our strategies use it, and to be honest it's inconsequential in the big picture of financial markets. Sure there are people who think it's the future, and perhaps they're even right, only time will tell. As of now though, nothing that happens in the crypto world has any power to move markets. I've made this statement before and a few Bitcoin die hards have gotten pretty upset, but tell me where I'm wrong.
If we woke up tomorrow and the ENTIRE crypto market was blinked from existence Thanos from Avengers style, what would happen?
Well, aside from some people losing some of their net worth, the answer is, nothing. The world would not change one bit. It would barely register as a global, "huh, that's interesting..." and people would go on about their day.
Government bonds, real estate, stocks of actual companies functioning in the real world, and even the stacks of gold in reserve at the central banks of every major country on earth, these things all matter and factor overtly in how the world works. Crypto is entirely made up, based on nothing, backed by nothing, with no real purpose or power of authority. It could all disappear tomorrow and the world wouldn't even blink.
Now that I've thoroughly dunked on Bitcoin, let me disclose something:
Spoiler alert: I do own 2 Bitcoins @ 24,500
That video talks about what I feel is a very good reason for owning at least some Bitcoin. The power of social media should not be overlooked here. However, there are a lot of crypto "influencers" that are flat out deceiving people with all kinds of reasons to own it that just don't hold any water.
Here's the top 5 myths about Bitcoin that are NOT good reasons to own it:
I'm not a crypto or Bitcoin hater, in fact I do pay attention with interest to what's happening in the space. I'm as curious as anyone in the ETFs and how this will all play out. I'm just not a fan of all the hyperbole and to be honest, just straight up deceptions that people use to get others onboard. If crypto is so great, it should rise on it's own merit. We don't need to be pulling on people's emotional strings.
Take Control of your Financial Future!
Profitable strategies, professional risk management, and a fantastic community atmosphere of traders from around the world.