bitcoin

Although I do not own any Bitcoin, like everyone, I’m interested. To be clear I have both Tesla and Bitcoin categorized in a watchlist as ‘Doesn’t Make Sense” simply because it doesn’t.

Investing in bitcoin is too risky. It goes up and down very often and appears to be measured by counting social media posts rather than any realistic value. People keep on buying it because it keeps going up and people want to make money. It’s pretty simple math to factor in possible gains from bitcoin investments but nearly all major investors also seem to have a sad story about bitcoin. The question really is if someone can get in and get out without seeing major fluctuation on the downside – like all investments.

There are many factors I see to be problematic for bitcoin moving forward. Please reach out and I will happily revise my thoughts from bitcoin education.

  1. No one knows if the creator really exists. I see this as a problem because people that create things tend to plan things out. I recently read that people are trying to crack the creators account. Is it silly to think that cracking that account results in something bad?
  2. Major corporations are getting involved and putting big money into bitcoin. So…. what happens if bitcoin goes way down or just totally crashes. Seems like that might pan out badly for the world.
  3. People keep on losing passwords resulting in huge losses. That’s not going to work in the long run and fixing that problem opens up the door to insecurity.
  4. The movement in price is so dramatic that using bitcoin to purchase items seems impossible. Just think about it. People either won’t want to spend bitcoin because it’s more valuable the next day or, on the flip side, bitcoin won’t be accepted because of the risk it the value will fall the next day.
  5. I don’t believe that bitcoin can’t be created again.