What’s Happening In The Market Today: 2:03
Is Bitcoin A Good Investment?: 9:23
Deep Dive Q&A: 22:11
Is anyone feeling Deja Vu? Because it’s starting to feel a little bit like 2017 again with all the hype around Bitcoin and cryptocurrencies again.
Over the last couple of weeks Bitcoin, Ethereum and the rest of the cryptocurrency market has been surging, with some less known days having triple digit moves in a matter of days…talk about VOLATILITY!
With the Federal Reserve introducing liquidity at an unprecedented level (i.e. printing money), is this the moment Bitcoin and cryptocurrencies were made for? Well, that’s exactly what a lot of the crypto fanatics are saying right now and their chatter continues to get louder as the asset class continues to rapidly grow.
So here’s my personal take on Bitcoin and Cryptocurrencies, and whether or not it’s worth your time to consider them for trading or investing…please remember this ins’t financial advice, but just my personal opinion and I AM NOT A FINANCIAL ADVISOR 🙂
So let’s first start with, what exactly is Bitcoin?
Bitcoin is a digital currency that can be used as a means to both store and exchange value. It is decentralized, unlike the world’s fiat currencies like the U.S. Dollar which is controlled by The Federal Reserve Bank.
Bitcoin first arrived in the middle of the financial crisis in 2008, via a white paper titled: Bitcoin: A Peer-to-Peer Electronic Cash System.
The creator or creators of Bitcoin are still unknown to this day. On the white paper the author’s name is Satoshi Nakamoto.
Unlike fiat currencies, there is a finite number of Bitcoins that will ever exist. That number is 21,000,000. After the last Bitcoin has been mined no more will be created. Many Bitcoin enthusiasts and purists believe that this will inevitably lead to prices of the digital asset to rise into the hundreds of thousands or even millions over time.
It’s estimated that the last Bitcoin will be in 2140, long after all of us will be (likely) dead and gone, never to see it actually see it happen.
Thus far Bitcoin has been and absolute roller coaster going from just a few cents all the way up past $20,000/coin at the end of 2017.
But as you always see with an exponential move like this, it soon comes crashing down…and oh did it ever!
Now flash forward nearly three years later it seems to be on the rise again trading at $11,300 at the time of this video.
So is Bitcoin a good investment in 2020? Well…for me, it seems like the ship has already sailed.
Could it become the next currency? Maybe, but I don’t think that will or could happen any time soon.
The idea behind the finite amount is great but you need demand for the price to go anywhere and right now Bitcoin only account for .4% of the world’s money…which obviously isn’t much.
For some people they will never get over the fact it’s completely digital. Some people want to be able to hold in in their hands (although most money nowadays doesn’t actually exist other than just numbers in your account) and be able to put it in their safe at home.
And right now the whole cryptocurrency market is like the wild west, with over 5000 cryptocurrencies in existence, with many being worthless or scams…so even 12 years in Bitcoin and cryptocurrencies still seem to be very much in their infancy.
So for me, I’m still going to stick with stocks, options and real estate. This doesn’t mean that Bitcoin and cryptocurrencies aren’t good investments, but right now they’re just not for me.
I hope you enjoy this video. Please like this video and subscribe to this channel so you never miss one of my live sessions. Take care!
Here’s the video with more information about “The Wheel Options Strategy:
The “Wheel” Strategy Explained: https://bit.ly/3ePN4qT
Top Questions & Comments From Today:
Chad W.: The difficulty factor of mining progressively increases; therefore, trading options against them has been profitable for me 🙂 27:09
Malin Starr: All banks are crooks I hope this will take the banks out 28:08
Donna Prentice: Do you take your profits automatically when prices makes a parabolic move? 40:09
Chris Tomas: Kinda off subject. But what do you look for on a company’s financial statement before buying their stock? 43:53
Mary Ellen Reese: If Bitcoin is just code, why couldn’t it be hacked? Anything man can build, some other man can unbuild! 46:24
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