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What makes us distinct is we provide a comprehensive view of your financial life and all the factors that go into life planning. What this means to you is help with personal decision making and putting a date on things. We help you manage your finances and investments, while taking into consideration tax planning, professional moves, kids, retirement, healthcare and other important priorities. It’s about life planning and gaining more comfort with your long-term financial security.
 

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Top 10 Reasons NOT to Invest in Bitcoin
Posted By:  Dave Wilder CFP®, CTFA, MST, AIF®, CEPA
Tuesday, August 11, 2020

Top 10 Reasons NOT to Invest in Bitcoin

  1. Bitcoin showed all the signs of a speculative bubble when it rose in popularity as an alternative investment. It skyrocketed in value very quickly, with a lot of people buying it out of greed. It subsequently nosedived in value and continues to be very volatile.

  2. Bitcoin is not currently a viable currency. Not many merchants accept Bitcoin, and nobody uses it as a store hold of wealth.

  3. The block chain, introduced by Bitcoin, is a very effective means of aggregating and tracking data and it is not limited to use for a currency. It can automate all kinds of things like contracts and even voting. There is a lot of thinking and coding going on to explore those other uses. It will likely be utilized forever, but Bitcoin itself may not be around forever.

  4. Bitcoin is not available to be utilized as a currency on any widespread platform. It cannot become successful merely through the power of its abstract ideas. Unless there is a primary use case, a single platform on which Bitcoin is the primary medium of exchange, Bitcoin will never be widely used.

  5. Bitcoin is the primary crypto currency today, but it could lose to other competition in the future.

  6. The value of Bitcoin can become worthless if there is no demand one day. Bitcoin's "success" or utility will ultimately depend on society's demand.

  7. The best advice is to be prepared to lose every penny you invest in cryptocurrency. It probably won't happen, but it could, and you need to go into the cryptocurrency with some stored-up resilience. If, with that warning, you want to ease into cryptocurrency investing, consider taking no more than 1% of your investable funds.

  8. The cryptocurrency market has been very volatile since its inception. The price of Bitcoin can swing up or down hundreds of dollars in a day, and the price more than quadrupled in 2017.

  9. The US Dollar is one of the most powerful currencies in the world because of the properties of the United States economy. The Dollar succeeded because the United States economy succeeded, not the other way around.

  10. Bitcoin is not a replacement for traditional currencies but is used heavily by criminals to launder money, scamming victims out of funds, defrauding investors and buying illicit goods.




 
 
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