„Modern Times“, starring, written and directed by Charles Chaplin. A film from 1936. A great classic of cinema that shows the ravages of the working class during the Great Depression. In this film, there are many memorable scenes. I’ve seen this magical work many times and I always enjoy it. But there is one scene in particular that could describe our current situation. I’m referring to the price of Bitcoin
I’m talking about the scene of Charlot (the main character) on skates blindfolded. We are on the upper floors of a large department store. And there is a big hole in the middle of the building, but the character doesn’t see it. So Charlot starts skating in circles a short distance from the hole. Every turn is a huge scare for the viewer. Actually, nothing happens, but the danger is very close. And we’re on edge with so much suspense. It’s Bitcoin on rollerblades blindfolded, boarding the cliff. Aaah!
Now, let’s talk about the most read news of the week.
A resident of the United Arab Emirates has taken out a $100,000 loan to invest in cryptology, and his co-workers are saving him from going to jail
I have always been amazed at how some people recommend Bitcoin, without any reservations. All too often, Bitcoin is presented as the eighth wonder of the world and fundamental aspects such as volatility and risk are minimized. Some go so far as to recommend Bitcoin as a safe haven. With these eyes, you can see 25-year-olds buying Bitcoin for $15,000, $18,000, $19,000 in December 2017 with U.S. credit cards.
On cryptwitter and in the media, the word was that Bitcoin would reach $50,000 by the end of 2018. In the frenzy of those days, anyone who mentioned the word „bubble“ was branded as obtuse. It was a gold rush and greed had a blinding effect. I didn’t know about 100,000 dollar debts, but I knew about several 10,000 dollar debts. These young „visionaries“ today want nothing to do with Bitcoin. They remember those crazy months of 2017 with anger and disappointment. This is a space that needs more sane voices.
Personally, I never recommend buying Bitcoin. I do explain Bitcoin, which is something else. And I start with the warnings. I always present it as a high-risk asset, not for just anyone. Never go into debt to buy Bitcoin, for example. Never buy Bitcoin with money we need. And only buy a small percentage within a diversified portfolio. Always buy very cheap. In fact, I say buy and give up that money. And just check your portfolio in 5 or 10 years to see how it’s doing. (I exaggerate) Of course, it doesn’t take a genius to know that the young people in debt in December 2017 ended up very badly and that the people who listened to the warnings wisely are doing very well. In my opinion, Bitcoin is not for everyone and that attitude of some bitcoiners‘ Herbalife salesmen is extremely detrimental and counterproductive.