BITCOIN | CRYPTOCURRENCIES
The Crash Could Be Good For Bitcoin
Cryptocurrency hustlers continue to lure victims
People are keen to know whether Bitcoin will bounce back!
Kevin O’Leary claims that the recent Bitcoin crash could be good for Bitcoin.
O’Leary made his fortune via the media, now a host of Shark Tank.
Hustlers have no shame.
People should be wary of investors with unlimited amounts of money who advise people to “invest” in Bitcoin.
Bitcoin is not the future of money.
But, digital currencies will rule the world.
People have not done the work
At the time of writing this article, US$10.227 billion of crypto money has been stolen from people.
Call Bitcoin the future, freedom from central banks, or an opportunity to create a borderless state.
Whatever your view on Bitcoin, here are some facts.
- Bitcoin is uninsured. So if your money disappears, it is 100% not going to be recovered.
- Cryptocurrencies are largely unregulated hence creating cryptocurrencies, tokens, or any form of NFTs has no laws to say you need to keep people’s money or investments safe from predators.
- There are new scams coming to light every day.
- Investors like Elon Musk through Tesla have sold 75% of their Bitcoin or US$936 Million worth of Bitcoin.
The first trader sentenced to jail for NFT insider trading
To add fuel to the end of Bitcoin’s reign on free money, an employee from OpenSea was charged with insider trading and now faces a jail term.
At the same time, pundits like Kevin O’Leary argue that there need to be more institutional investors so that Bitcoin’s price has stability.
Clearly, large hedge funds can make Bitcoin’s price oscillate in any direction, manipulating markets, taking huge profits, and leaving the everyday “investor” holding the bag.
China is leading the world with their digital Yaun
Bitcoin has served its purpose.
People unaware of the pitfalls of Bitcoin, waiting to be millionaires, will be left with less money than they started off with.
China has already sent its digital yaun to be downloaded by its billions of people in April 2022, after they banned Bitcoin.
The rest of the world, including Europe, the U.K., and the U.S.A., will soon have their own digital currencies.
Before you put blind trust into any financial product, you should know who and for what purpose it was created. If a cyber hacker or any opposing country of the U.S.A. like Russia created Bitcoin, then I’m sure you most likely wouldn’t invest in it.
Buyer beware.
This is not financial advice.
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