In my last week's blog, I commented about Bitcoin shortcomings for the average Joe Investor to better understand Bitcoin. I did not think I would be writing about Bitcoin so soon.
CNNMoney.com has an article on the price movement of Bitcoin today. I founded the article interesting because some brilliant people are having doubts about Bitcoin. CNN Money quotes even Musk is starting to show concerns about bitcoin's surge, noting in a tweet on Saturday that he thought the prices of both bitcoin and ethereum, the world's second-largest cryptocurrency, "seem high."
In a speech in New York, Janet Yellen said, " Bitcoin is an extremely inefficient way of conducting transactions." "It is a highly speculative asset, and I think people should beware. It can be extremely volatile, and I do worry about potential losses that investors in it could suffer."
Here is Bill Gates's comment about Bitcoin. In an interview with Bloomberg, Gates said that it was one thing for Musk and Tesla to invest in bitcoin, but that doesn't mean average investors should follow that lead. "I do think people get bought into these manias, who may not have as much money to spare, so I'm not bullish on bitcoin," Gates said. "My general thought would be that, if you have less money than Elon, you should probably watch out."
Honestly, Bitcoin is not an investment. It feels like there is a con going on with investors. My recommendation is that if you made money with Bitcoin, you should take your profits and call it a day. If you are not invested in Bitcoin, I recommend you look elsewhere to invest your money.