By Barbara Kollmeyer
Published: June 21, 2017 10:42 a.m. ET
Click the Link:
http://www.marketwatch.com/story/teenage-bitcoin-millionaire-can-see-the-cryptocurrencys-value-shooting-as-high-as-1-million-2017-06-21
By Barbara Kollmeyer
Published: June 21, 2017 10:42 a.m. ET
Click the Link:
http://www.marketwatch.com/story/teenage-bitcoin-millionaire-can-see-the-cryptocurrencys-value-shooting-as-high-as-1-million-2017-06-21
This kid was lucky in picking up the investment early on, and luck was the greater part of it.
While Bitcoin is likely to continue to grow over the next 5 years as it is showing a generally upward sloping tangent (https://coinmarketcap.com/currencies/bitcoin/) as the tangent rises, the volatility has become somewhat harsh, seeing deep valleys and extreme peaks in recent weeks as it has gained in popularity as a high yield mechanical investment.
As with any investment, it is best to diversify your holdings across a broad risk pool. While many crypto-currencies are tied to the Bitcoin market, I feel this is more coincidence than correlation. That is to say two things happening at the same time are not necessarily directly related, and statistically we have to be careful of this.
In any instance, the totally risk averse should not invest in crypto at all. It's simply too volatile. The moderately risk averse should mine and reinvest profits during "lows", and cash out during "highs". Those who have money to burn should buy, buy, buy! If you're willing to lose it anyway, the later sell is still a fair odds bet for a good gain.
Thank you for your very insightful comment. This kid was very lucky and I wish him the best. The bets to as well my friend. If you have any crypto tips I would be happy to learn more about it. Thanks again.
That's an overly optimistic position to hold. I can't see that happening honestly . Nor does it need to we have numerous crypto currencies many of which have very good use cases for a given purpose. That will most likely prevent this from happening. Another consideration is the Bitcoin scaling issue we are still faced with . An issue I would point out remains unresolved .
He does have an optimistic attitude about bitcoin, but it did make him a millionaire! The scaling issue is a test for bitcoin. Let's see how it is handled because that is a telling sign for the coin. Thank you for your insight.
No I phrased it exactly as I intended Ito. As for his becoming a millionaire. That had more to do with luck than the kid being a shrewd investor. The scaling issue and ever increasing transaction times coupled with fees that are becoming exorbitant ultimately will do more harm than good for Bitcoin. I'm not saying it's the end of the coin , but there are other alternatives at this point with faster transaction times / less fees.
That (it's) was a typo- lol. Thanks for your input on the crypto market. It has been interesting to watch the cryptos emerge.