President Trump : "Bitcoin is a scam."
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Back in the day I mined a few coins in a pool to see what it was about and sold them a few years ago for about $50k.
Personally I see Bitcoin and other cyrptocurrcies more as an indictment that none of the markets are good right now. People see little upside in traditional investments and that’s not good long term for most people.
It’s why I got out of equities in the last year and sitting in a lot of liquidity. Granted I’m not super concerned about growth so much as asset preservation at this point in my life and we own about 75% of the portfolio is in tillable ground. We can afford to have cash sit around when soybeans are $16 a bushel.
I wish I hadn't been so busy at the time to pay attention. I was in the middle of working full time, trying to finish school, and moving to another state when that stuff was all new. If it had been 10 years earlier when I was a young bored computer nerd I'd probably have millions worth of the stuff.
I'm with you though, they are buoyed a lot by the weakness of other investments. I'm only in stock markets inside retirement accounts anymore, a lot of which I don't have a ton of choices in anyway. Although, I've been on a bit more of a spending spree than holding onto cash. Lot of not very liquid investment stuff like real estate and the like. Even some odd things like "self-investment" meaning I've been doing trade school. For no reason other than to learn.