The Idiots Were Right

I remember people telling me to go buy bitcoins at $400

now they are worth $1200

yup bit coin is going to be higher than gold mark my words

Jessie Martinez said:

yup bit coin is going to be higher than gold mark my words

Click to expand...

1245 is gold price...1240 is bitcoin price lol

It's a bubble due to economic uncertainty. People try to hold on to anything of value and it's used for transactions to evade state controls.
The bubble will burst when other crypt currencys will become popular/promoted and supported.

It is not a stable currency yet so it will crash again several times. Just look at its history and extrapolate into the future with less frequency. You will have several opportunities in the future to buy low, whatever low is at the time. But always consider it a high risk gamble.

My personal opinion is to never go all in on any single investment, max 5-10% on any one thing/stock/commodity, and maybe max 20-25% in any investment area. Crypto currencies is just one area. For building weatlh over the long term, spread it out across real estate, index funds, commodities, bonds, precious metals, crypto currencies, etc.

bitcoins is definately interesting, but as said above, never put all your eggs in one basket when investing!

They were right but could have been wrong then what?

Rich people put a big chunk of their money into real estate.

They then have an asset that will increase in value over time, building their weath further, they also can rent the properties out, giving them a better return than from a bank that is much safer than investing.

I wish I were rich, LoL.

EDIT - and max out their pensions, in the UK you get tax relief etc on that, one ex-business owner I know is 75ish now and is pulling $10K per month from her pension alone.

She also has commercial and residential property all over the place that is rented out, she was worth about £9 million when she sold her business 20 years ago, I bet she's worth double that now.