A question by : why are people so stupid to invest in “Crypto currencies”? like Bitcoin, Dogecoin, etc? they are nearly childish in mentality or not? why??
Provide a response using the comment section. After review we will update the answers.
The only way I can see that someone could profit from Bitcoin is if they purchased it early on in the Ponzi scheme and then sold it at a high price. Since Bitcoin recently dropped from $60,000 to $18,000, I anticipate that it will soon return to zero and be shut down.
The early assumption that cryptocurrency would function as a workable reserve “currency” was wholly erroneous. A limited, deflationary asset cannot serve as money. All established economic laws are broken by this. A decentralized exchange cannot also act as a driver of global finance.
Despite this, hackers, drug cartels, human traffickers, and terrorist groups all find cryptocurrency to be a highly useful tool. Law enforcement organizations are unable to effectively follow the flow and distribution of money since the transactions are opaque.
“Never lost a dime on crypto, but I take profits and reinvest when fools get “Covid” checks. One more “stimulus check” please!.”Zani
“Whether the money you take out is pretax or it is from a Roth IRA and you already paid the taxes on it, by withdrawing the money now you are losing the effect of tax deferral on the interest or earnings. For example, if you have $10,000 and can earn 6% per year and pay 25% in taxes, you only earn 4.5% per year in a non-IRA account. After 10 years you’d have $15,529.69. In an IRA account, you get compounding on a higher amount, 6%. After 10 years, paying the 25% tax at the end, you have $15,931.36. If the IRA account is pretax you have the additional advantage of tax deferral on the principal. So $10,000 in earnings that are not in an IRA will result in So Elon Musk is stupid? Investment companies are stupid? What you failed to point out is why you think that they are stupid. Companies invest because like any other stock, while volatile, cryptocurrencies can have some high return on investment. It is no different than others who invest in other volatile stocks looking to make a buck..”Mark