Any Bitcoin owners among us?
I recall when I first read about it some years ago it caught my eye and I gave it some thought but decided against it then as it seemed like some kind of a scam to me more than an investment.
Of course with $1,200 spent on some 480,000 bitcoins, the investor would be worth at least $1.1 billion today... Over the course of seven years, bitcoin’s value has multiplied 879,999 times over since 2010. WOW... Imagine if we invested some of the "audio money" that many of us spent over the years into the Bitcoin!
I do believe many more are paying attention to it today than 7 years ago. It has also been highly volatile over the past year and has also skyrocketed! With all the geopolitical turmoil going, it's no wonder but it may also be a huge bubble ready to pop since people are rushing in to capture the upside.
It does offer some kind of a safety net over the possible implosions of most countries' FIAT money systems where the currency is only as good as the faith in the government that issues it, like our dollar for example since we are not on the gold standard since the Nixon era and our money is not convertible to anything anymore.
It's all just paper after all and in times of crisis it can become worthless overnight. History has shown us examples of that. Weimar Republic Mark Hyperinflation, the Zimbabwe 100 Trillion dollar bills, where a loaf of bread costs a 300 billion dollars today... and there are many more. History does tend to repeat itself. Will the cryptocurrencies offer some safety net against the dark times?
What are your thoughts on it?
