What Is Bitcoin?: 0:30
What Are The Pros Of Bitcoin?: 2:28
What Are The Cons Of Bitcoin?: 3:41
So Should I Invest In Bitcoin?: 5:52
Is anyone feeling Deja Vu? Because it’s starting to feel a little bit like 2017 again with all the hype around Bitcoin and cryptocurrencies again.
Over the last couple of weeks Bitcoin, Ethereum and the rest of the cryptocurrency market has been surging, with some less known days having triple digit moves in a matter of days…talk about VOLATILITY!
With the Federal Reserve introducing liquidity at an unprecedented level (i.e. printing money), is this the moment Bitcoin and cryptocurrencies were made for? Well, that’s exactly what a lot of the crypto fanatics are saying right now and their chatter continues to get louder as the asset class continues to rapidly grow.
So here’s my personal take on Bitcoin and Cryptocurrencies, and whether or not it’s worth your time to consider them for trading or investing…please remember this ins’t financial advice, but just my personal opinion and I AM NOT A FINANCIAL ADVISOR 🙂
So let’s first start with, what exactly is Bitcoin?
Bitcoin is a digital currency that can be used as a means to both store and exchange value. It is decentralized, unlike the world’s fiat currencies like the U.S. Dollar which is controlled by The Federal Reserve Bank.
Bitcoin first arrived in the middle of the financial crisis in 2008, via a white paper titled: Bitcoin: A Peer-to-Peer Electronic Cash System.
The creator or creators of Bitcoin are still unknown to this day. On the white paper the author’s name is Satoshi Nakamoto.
Unlike fiat currencies, there is a finite number of Bitcoins that will ever exist. That number is 21,000,000. After the last Bitcoin has been mined no more will be created. Many Bitcoin enthusiasts and purists believe that this will inevitably lead to prices of the digital asset to rise into the hundreds of thousands or even millions over time.
It’s estimated that the last Bitcoin will be in 2140, long after all of us will be (likely) dead and gone, never to see it actually see it happen.
Thus far Bitcoin has been and absolute roller coaster going from just a few cents all the way up past $20,000/coin at the end of 2017.
But as you always see with an exponential move like this, it soon comes crashing down…and oh did it ever!
Now flash forward nearly three years later it seems to be on the rise again trading at $11,300 at the time of this video.
So is Bitcoin a good investment in 2020? Well…for me, it seems like the ship has already sailed.
Could it become the next currency? Maybe, but I don’t think that will or could happen any time soon.
The idea behind the finite amount is great but you need demand for the price to go anywhere and right now Bitcoin only account for .4% of the world’s money…which obviously isn’t much.
For some people they will never get over the fact it’s completely digital. Some people want to be able to hold in in their hands (although most money nowadays doesn’t actually exist other than just numbers in your account) and be able to put it in their safe at home.
And right now the whole cryptocurrency market is like the wild west, with over 5000 cryptocurrencies in existence, with many being worthless or scams…so even 12 years in Bitcoin and cryptocurrencies still seem to be very much in their infancy.
So for me, I’m still going to stick with stocks, options and real estate. This doesn’t mean that Bitcoin and cryptocurrencies aren’t good investments, but right now they’re just not for me.
✅ First, subscribe to my channel here so you never miss a new video: https://bit.ly/3aLKLDz
📈 Watch My Daily Trading Routine Here (that takes me less than 15 min/day): https://bit.ly/2ICZkgX
📕 Get a FREE Hardback Copy Of My New Book “The PowerX Strategy”: https://bit.ly/2wMQ7zW
💻 Need a broker? We prefer trading using tastyworks! Sign up here: https://bit.ly/3610gsk
☕️ Start your morning just like me, with the MorningBrew Newsletter: https://bit.ly/32Xs6Uu
tastyworks, Inc. (“tastyworks”) has entered into a Marketing Agreement with Rockwell Trading Services, LLC whereby tastyworks pays compensation to Rockwell Trading Services, LLC to recommend tastyworks’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Rockwell Trading Services, LLC by tastyworks and/or any of its affiliated companies. Neither tastyworks nor any of its affiliated companies is responsible for the privacy practices of Rockwell Trading Services, LLC or this website. tastyworks does not warrant the accuracy or content of the products or services offered by Rockwell Trading Services, LLC or this website. Rockwell Trading Services, LLC is independent and is not an affiliate of tastyworks.