cr1776, the main problem in the whole story about gold and Bitcoin is not whether and how much to invest in one or the other, but how to safely store Bitcoin in a particular case so that someone is not able at any time to say "this is no longer yours and becomes state property". All those who prefer custodial crypto service, in addition to all the risks that such storage poses, should add one more - and that is the authorities that have the power to make laws that suit them at a given time.
In other words, the centralization of decentralized cryptocurrency (BTC) in the way it is happening today undermines the very foundations on which it was created. Anyone who invests in BTC should first learn what is the basis of everything "not your keys, not your coins" + "their keys, their coins".
As for 2%, the point is that someone who has $1 billion can definitely profit from such an investment ($20 million x5 is nice $100 million), while the average Joe won’t get anywhere if he doesn’t risk a lot more.
Topic: 2021-01-04 Coindesk - Why I’ve Changed My Mind on Bitcoin (Read 111 times)
In a post covid dystopian world buying assets that cannot be forfeited and seized is vital to preserve our wealth. Gold cannot help us in this sense while bitcoin seems to many the only viable alternative. In this sense, I believe, something like 2% is not enough.
You are right, 2% isn't enough to make much of a difference to most people. I think he (and others) just pull numbers out of their hats.
In a post covid dystopian world buying assets that cannot be forfeited and seized is vital to preserve our wealth. Gold cannot help us in this sense while bitcoin seems to many the only viable alternative. In this sense, I believe, something like 2% is not enough.
Another article that mainly focuses on comparisons of Bitcoin and gold, but how many times do people need to be told that gold is so different from Bitcoin? The author of the article of course refers to the history of gold in the US, especially emphasizing what happened in 1933 ("government banned the ownership of gold bullion / coinage for all US citizens"), and continues with the advice that no one should invest more than 2 % portfolio into something that will sooner or later collapse.
Personally, I’ve never heard of this person - and from everything he’s written he doesn’t seem to have changed his mind - he just wants to be in trend and get some attention for his blog.
Personally, I’ve never heard of this person - and from everything he’s written he doesn’t seem to have changed his mind - he just wants to be in trend and get some attention for his blog.
I agree. He just seems to want clicks.
The 1933 gold analogy is a valid one, gold can be seized (e.g. stolen) while at home or at a border from anywhere to anywhere else. So places like South Korea, Hong Kong, most places in Europe, the US (with the potential for authoritarianism there now), India, Russia, pretty much everywhere, with capital controls or potential capital controls should be buying crypto now. People who leave preparation to the last minute won't be able to prepare.
Buying 2% of your portfolio now may make it 20% or 40% or 200% if we hit another order or magnitude or two of growth which is certainly possible.
Another article that mainly focuses on comparisons of Bitcoin and gold, but how many times do people need to be told that gold is so different from Bitcoin? The author of the article of course refers to the history of gold in the US, especially emphasizing what happened in 1933 ("government banned the ownership of gold bullion / coinage for all US citizens"), and continues with the advice that no one should invest more than 2 % portfolio into something that will sooner or later collapse.
Personally, I’ve never heard of this person - and from everything he’s written he doesn’t seem to have changed his mind - he just wants to be in trend and get some attention for his blog.
Personally, I’ve never heard of this person - and from everything he’s written he doesn’t seem to have changed his mind - he just wants to be in trend and get some attention for his blog.
Quote
There comes a point in every investor’s journey when he must admit he is wrong about something. In my case, I was wrong about bitcoin and whether it would ever be considered a legitimate asset class. This realization dawned on me in the last month when the price of bitcoin passed its December 2017 highs of $20,000. My prior belief was that bitcoin wouldn’t surpass these highs for many years, if at all. I didn’t think that bitcoin was “going to zero,” but I also didn’t think it would eclipse its December 2017 peak anytime soon.
https://www.coindesk.com/why-ive-changed-my-mind-on-bitcoin
Might be worth a read but I have personally never liked those who have changed their view on something because things were moving well. I guess that is to easy.
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