In three decades in financial markets, I have never come across an asset that inspired as much fear and greed as Bitcoin. The reasons being, 1) its technology is so futuristic, it is equally deified and feared; 2)its success would have dramatic repercussions on the political, economic, social, and monetary status quo; and 3) in its early adoption stage, a paper-thin float has caused trading volatility several standard deviations above other asset classes. Throw in the fact that it has faced numerous near-death experiences – from Mt Gox, to the BCash fork – and it becomes clear just how hard early adopters had to work for the extraordinary gains enjoyed thus far. Trust me, NOTHING about Bitcoin investing has been easy!
Now that Bitcoin’s viability has been proven – at a time when 99% of the world STILL has not a clue what it is – the likelihood of FAR larger risk-adjusted gains has in my view, significantly increased. Which, given the rapidly deteriorating viability of the legacy financial system it is challenging (look no further than Deutsche Bank), could provide that additional benefit of upending one of the greatest man-made evils the world has known…fiat currency.
Thus, more than ever, I take exception to those seeking to capitalize on Bitcoin’s inherent uncertainty, and trading volatility, by preying on investor fears with apocalyptic predictions. For “newbies” with little or no experience in cryptocurrency, such tactics amount to a financial death sentence - as without doubt, you will be separated from your money at the first sign of uncertainty. Even for grizzled OGs, the seed of doubt it creates, otherwise known as FUD, is a difficult burden to carry when the global NEED for its success is so urgent.
I assure you, no one making such predictions is doing so based on a track record of uncommon success; particularly in Bitcoin - which despite its volatility, has a history of success destroying those who bet against it. In other words, those purveying FUD that Bitcoin will fail, or “crash”; particularly those who don’t act on their own advise; are in my view, committing the greatest Bitcoin sin of all.
The world is at the cusp of one of the its most positive changes ever - the usurpation of centralized, inflationary money; and more than ever, needs LEADERS to guide investors through it – not scare them away with fearmongering. Support the former, and shun the latter!