My advice to those who own BITCOIN (ticker: BTC) especially those in Kenya who most probably bought the coin when it was trading at US$ 500-5,000…. BTC is not money; as it is not a store of value, not a unit of account and definitely not a legal medium of exchange. Bitcoins and many other cyrptos; Ethereum, Litecoin, Newyork Coin, Potcoin, Dogecoin and hundreds of others exist in computers. There are as good as they exist in the wallets created by those offering them. They can disappear from the wallets anytime, and this has happened to both Bitcoin and Ethereum.
The cryptos are not traded in organized exchanges, there are no market makers and that means to make money out of them, you will need to sell to later suckers i.e. you are therefore an early sucker selling to a later sucker. In other words, you are participating in a sort of ‘ponzi scheme’.
There has been articles on why Bitcoin will reach $100,000 to $500,000. This can happen as long as new suckers continue lining up for it. Whether that happens or not, be sure it’s gonna come down fast. The worry to all holders should be; will the downfall-pace allow them to get out? Will there be buyers into the fall?
The opportunity to make money in the BTC scheme exists; buy low, sell high…so I believe those who bought earlier should now be looking for buyers hence the current excitement in the internet. So, you got it and you’re in the money? Why hold? It’s time to sell.
If anything, I would advise BTC holders and those who believe in it to sell whatever is in their wallets and invest in ‘Bitcoin Investment Trust’ OTCM: GBTC. GBTC is an investment trust traded in the US OTC market. It’s fully correlated with BTC, so it carries 100% BTC risk/’reward’ but it’s a fund trading in an organized exchange, where there are institutions to make the market i.e. holders of GBTC would not lack buyers. The trust is up +2,000% ytd vs BTC’s 1,327%. You can trade it as you want i.e. open and close positions as many times as you want as long as you trade on margin.
But if you still believe in the wallet-way, perhaps it’s time to empty your BTC wallet and load up a PotCoin wallet because as pot becomes widely legalized in the US and Canada, PotCoin (POT: US $ 0.395) may become widely accepted as a medium to trade cannabis products.
