Has Brandon gone mad?! DON’T buy Bitcoin??
This is the short version of how I came to the conclusion that buying gold may be (as I write this in early December 2017) a better idea than buying Bitcoin.
From what I am seeing on social media many people would most likely disagree with me on this. But for those who agree, or just trust my judgement… Go buy gold! For those of you who are still skeptical… Bravo! I admire your skepticism and please read on.
First some quick Bitcoin and crypto-currency overall benefits that I absolutely love: Bitcoin is a totally free way to make a money transaction through the internet and it really could change the way humans interact globally in a very positive way. The same way the internet changed the way we communicate. Google it if you are unfamiliar or listen to Andreas Antonopoulos on Joe Rogan’s Podcast.
Also I must admit that Bitcoin is sexy. Bitcoin has made ordinary people into millionaires. Even I must admit that I regret not buying bitcoin a couple of years ago when I was super close to doing so. Unfortunately for me because if I did I would be writing this article while sitting on the deck of my yacht (not on my living room floor like I am now) after having SOLD the majority of my Bitcoin.
Yes SOLD and here’s the short version of why:
Bitcoin is a currency just like the Dollar Bill. Most people who own Bitcoin right now are not using it as a “money” to go and buy stuff. They are sitting on it as an investment. This means Bitcoin is not being used for it’s primary purpose, which is a way to trade for goods and services. Smarter people than me have pointed out this is most likely a sigh of an artificial demand. Meaning that people are only buying bitcoin because they want to make money from it’s future success and not because they want to use it to buy things.
When you have an artificial demand for something a “bubble” is created. The value rises unnaturally for a time. This causes a buying frenzy which pushes the price, in this case, of Bitcoin way past it’s “true” value. This will eventually lead to market correction or “Crash” in the price. The “smarter than me” people, whom i reference at the bottom of this article, do NOT all think this would necessarily be a bad thing for the overall success of Bitcoin or Crypto-Currencies in general. Obviously really bad for those heavily invested in Bitcoin though. There are many examples of this throughout history such as “Tulip-Mania” in the 1600s or The “Dot-Com Bubble” of the late 1990’s.
So that’s the short version of why you should stay away from Bitcoin rn(Right Now LoL). And why should you buy gold?? Well there is no time here for that. Maybe next time…
(From articles I am seeing today it looks like Bitcoin may already be headed for a major market correction. So, I may be late to the party on this. Either way I hope you enjoyed this article. Visit Comedylol.com to listen to my podcast.)
For more on this: