If you have thought about investing in the worldwide internet money transfer system called Bitcoin (BTC) you are not alone. I did and also went on to register on ice3x.com, a bitcoin, ethereum and litecoin exchange. However, I decided not to go ahead with the transaction after remembering the promise I made to myself in 2016 regarding investing. I promised that I will only invest in an instrument that I really really understand and that I will only stick with stocks and real estate for now. Also, apart from thinking about the danger of someone’s wallet being hacked, another major reason why I decided not go ahead with investing in BTC is because of what experts have said about Bitcoin:
- Federal Reserve Chair Janet Yellen called the digital bitcoin a “highly speculative asset.”
- William Dudley, president of the Federal Reserve Bank of New York said BTC is highly unstable.
- The former head of Federal Reserve, Ben Shalom Bernanke said Bitcoin will fail because it is “mostly speculative venture” that hasn’t shown itself to be a real transactional currency.”
- The man behind the idea of the movie: Wolf of Wall Street, Jordan Belfort referred to Bitcoin as a huge, gigantic scam and the biggest scam ever.
- Katsunori Sago, chief investment officer of Japan Post Bank said Bitcoin is in bubble territory and that the true fair value should be $100.
- JP Morgan chief executive, Jamie Dimon described bitcoin as “worse than tulips” in reference to a famous market bubble from the 1600s. He also called BTC, a fraud that would eventually blow up.