I was watching CNBC the other day and they were doing a roundtable thing like the sports channels do. Each host was shitting on bitcoin about how terrible it is, and how millennials are stupid for liking it, and it'll go to zero one day, etc. You know the drill.
Then the main host asks who has a position in Bitcoin. EVERY SINGLE ONE of the investors that was just shitting on Bitcoin 5 seconds earlier admitted that they all have substantial stakes in it.
The first guy tried to come up with a technical justification for why he is doing it.
The next guy blamed his wife for wanting to get into it because all her friends were supposedly talking about it, so they bought 10 bitcoin back when it was $9k a share.
The third guy simple said "It keeps going up, so I keep putting money in it. As soon as it stops going up I will stop putting money in it".
The other 3 people after it basically just said "yeah, exactly what the third guy said."
I personally get nervous with Bitcoin. It isn't stable which makes it far from a currency. You can't have a currency that goes up and down 10% throughout the day. Transferring $100 could be $90 or $110 over the course of a few hours. That's significant and cannot be ignored. I understand the idealistic portion of it too and how it gets us closer to a perfect money system, but truthfully the only reason we continue to talk about Bitcoin is that it continues to go up. I don't have very much faith in Bitcoin. But I'll admit I have some and I have been riding it up. It makes no sense to me. I am just along for the ride.
Then the main host asks who has a position in Bitcoin. EVERY SINGLE ONE of the investors that was just shitting on Bitcoin 5 seconds earlier admitted that they all have substantial stakes in it.
The first guy tried to come up with a technical justification for why he is doing it.
The next guy blamed his wife for wanting to get into it because all her friends were supposedly talking about it, so they bought 10 bitcoin back when it was $9k a share.
The third guy simple said "It keeps going up, so I keep putting money in it. As soon as it stops going up I will stop putting money in it".
The other 3 people after it basically just said "yeah, exactly what the third guy said."
I personally get nervous with Bitcoin. It isn't stable which makes it far from a currency. You can't have a currency that goes up and down 10% throughout the day. Transferring $100 could be $90 or $110 over the course of a few hours. That's significant and cannot be ignored. I understand the idealistic portion of it too and how it gets us closer to a perfect money system, but truthfully the only reason we continue to talk about Bitcoin is that it continues to go up. I don't have very much faith in Bitcoin. But I'll admit I have some and I have been riding it up. It makes no sense to me. I am just along for the ride.