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Bitcoin, a bad investment

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Bitcoin, a bad investment

Ryer Brown, Staffer

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In December of 2017, Bitcoin hit its all time highest value of $19,783.06 per Bitcoin. But what is Bitcoin?

Bitcoin is a crypto currency, but not the only one. It is a type of currency that is mined by computers, which solve complex math equations to create it. The reason that it is the most famous cryptocurrency is because it was the first of its kind. According to hotcryptobuzz.com, in June of 2009 Bitcoin was only valued at $0.0001. The cryptocurrency has made many people into millionaires and even billionaires. But should people invest now?

Bitcoin may seem enticing, but people have started to speak against it. Grant Sabatier, A Bitcoin millionaire has listed reason of why Bitcoin is not something to invest in. He explains that it is hard to value and that it may not be secure. With Bitcoins prices fluctuating so quickly on a day to day basis, he compares it to gambling rather than investing.

When people hear all of the stories about people becoming millionaires, they think of Bitcoin as an opportunity to get rich quick, high return for small investment. Since Bitcoin is so unstable, it is an easy way to “lose your savings quick.”

The person that holds the most Bitcoin is Satoshi Nakamoto. Nakemoto created Bitcoin and has decided to stay private and unknown. For all the rest of the world knows, Nakemoto could be a group of people. He currently holds 980,000 Bitcoin according to Time.com. With this estimate, his current holdings today would amount to over six billion dollars in Bitcoin.

Although this sounds exciting, he does not have over six billion dollars in his bank account. If he were to sell all of his Bitcoin, they would flood the Bitcoin market, therefore making the cost of Bitcoin extremely low, much like the economic crash of Germany following World War 1. Germany printed loads of money in order to accommodate the debt that they had to pay off. As they printed more money, the value of the bill became lower. The likes of Nakamoto selling his holdings are slim because he would just be destroying his creation.

Bitcoin is a very risky “investment.” People are tapping into uncharted territories and while it may be exciting that a digital currency exists, said currency is not stable. Most of the millionaires in the business became rich in the early stages of Bitcoin as they saw the potential it could have. Leaving money in the hands of an insecure and unstable form of currency is not the way to invest.

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Bitcoin, a bad investment