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Bitcoin buyers are fooling themselves – again.

We have had several clients ask us our opinion on Bitcoin as an investment and our simple answer is that we don’t encourage it.  That doesn’t mean you can’t make money on an investment like this, it means that we don’t like the fact that you can’t touch the currency and it is all electronic.  In addition, we believe that most people who invest in this type of currency don’t understand what they are investing in.  They are just going along for the ride.  This caused Bitcoins meteoric rise to almost $20,000 for one coin.  An investment that started off in 2012 at less than a penny was soon worth over $20,000 !  It soon came back down to a level around $3,000 but a lot of people lost a lot of money on the way back down.  Recently, Bitcoin has risen again to close to $10,000 and this article says that we are going to see a similar fall in the currency just like we saw when it came down from $20,000.  The article also compares Bitcoin to past bubbles like the Tulip Bulb bubble ad the South Sea Bubble.  We caution anybody who invests in this to be careful and be prepared to lose some or all of your investment. 07.17.19