I’m about as subtle as a sledgehammer, so it’s no surprise that my opinions on cryptocurrencies – specifically Bitcoin – are well known in my family circles. I really wanted the headline of this blog to do the talking, and I feel like my opinion couldn’t be better represented. If you’re still not on the same page, watch me serve it up – cryptocurrencies are absolute bullsh*t. And now for the hard part, to articulate why!
In one of my recent pieces, I wife-whined about the constant barrage of Bitcoin convos in my household. Apparently, all the cool kids – and I use that term loosely – at my husband’s job were professional Bitcoin investors and like, so googled up on its profile *insert eye roll emoji*. And whilst the crowd poured money into Bitcoin, I flat out refused. My poor husband was the kid who went to school with a vegemite sandwich because his mum wouldn’t let him buy tuckshop! Except in this scenario, I was protecting him (and us) from future tears when it all goes through the floor.
RELATED BLOG: Want to know how the Bitcoin chat began in Bryanna’s household? “Over the last few weeks, the word Bitcoin has slowly consumed the little time that falls between ‘pillow talk’ and my deep-REM-dribble. “But babe, one guy made a million bucks in a year!” is how it usually starts and from there the sales pitch ensues zzzzzzzzzzzzzz.” Click on the link to read, “No thanks, It’s Bit-coin-fusing” to have a chuckle.
But since writing that blog, it hasn’t just stopped with my husband. I have continually found myself in battles with Bitcoin-know-it-alls who (still) don’t know what the Australian Stock Exchange is and yet are now experts in one of the most complex, unregulated environments to hit modern-day share markets. They would scrunch their noses up at me and in their judgey-mc-judgey tone say, “but don’t you have an investment blog, shouldn’t you know this?”.
So, I’m taking this opportunity to be clear, really clear. When I talk about investing on Fearless Female Traders, I am referring to the investment in actual companies and products – things that are creating value in our society, our economy and have intrinsic value. I want, and choose, to invest in an asset/s that can create wealth through a sustainable cash-flow, or at least be converted into cash at a profit in 20 years’ time. Not this bloody farcical crap that bounces up and down the share market like a puppy begging for walkies. I’m 30. I’m too young for heart medication and at its current position, Bitcoin would put me in an early grave!
Put simply, Bitcoin was created by a secret founder – supposedly by the name of Satoshi Nakamoto – as an online currency to facilitate illegal purchases of guns, drugs and hitmen on the dark web. Now, it exists as a type of virtual currency and investment option, trading in a world of unregulated chaos and extraordinary risk. “Miners” of cryptocurrency use the underlying technology, Blockchain, to mine Bitcoins and store them in these virtual wallets on their computers. Some of which have been hacked or lost because there are no fraud departments or helpdesks to call when sh*t hits the fan. No thanks.
Since its inception, it has become THE investment bandwagon all get-rich-quick dreamers are jumping on and at face value, it’s not surprising. 2017 saw the currency’s value and hype increase by over 900% from January to September alone! But when you dig deeper and compare the numbers to any other fast-growing investments of our time, it’s quite the anomaly. And in investment-speak, this is not a good thing, especially when it comes to such unprecedented growth. If it’s too good to be true, it usually is!
This type of meteoric rise is not only creating a false economy for its investors but it’s also fueling a cryptocurrency bubble that makes the dotcom crash of 2000 look like chump change. Bitcoin’s success has prayed on our generation’s FOMO weaknesses and used human herding behavior to take the crypto world viral. It’s truly brought out the sheep in a lot of people and sadly it will be those who lose it all when this phenomenal bubble finally pops. The only hope we have, is the survival of Blockchain. That is the game changer and the only Bitcoin-related investment I (and my husband) will be making.
If you’re looking to make money quick, go to the casino and put it all on red. You have better odds and will have far more fun.
Bitcoin is a gamble, not an investment.
Don’t be tempted.
Don’t be the fool.
And if you do…I told you so.
Fearless Female Traders