Is cryptocurrency viable and should you invest?

Dear Pete do you think cryptocurrency is
viable? I had a friend to make big money on it
and I’m thinking about investing, Kyle. Oh boy you know I got a text from a friend
of the show this weekend Nicole a friend of the show
maybe we’ll exchange surnames between the break asking me the same
question. The person’s not named Kyle and I get this question a lot because even no
crypto currencies like Bitcoin and aetherium and litecoin and a bunch of
other Ripple bunch of other coins sort of have dipped in the last few months
compared to where they were near the end of 2017 people still want to know if you
can make money on them I’ll tell ya I know three detailed stories and I’ll try
to tell you some of them. Three detailed stories of people who have made normal
random dudes investing a few hundred maybe a couple thousand dollars Nicole
who made tens of thousands of dollars off of cryptocurrency I know and see
this is the thing like this is what makes me furious about this segment
because I’m going to answer the question and no matter what I say in the question
good bad or otherwise all people are gonna hear is I know someone who
invested hundreds and came back with tens of thousands it’s hard not to hear
that yeah it’s that whole selective listening thing you hear what you want
to hear and so you hear oh I only put it 100 and got back thousands that’s what
people want to hear I know so here’s the deal okay here’s
what here’s my thought by the way on the show and was it November Frank do you
remember yeah going into November no December it was like the first week of
December that you did this I bought cryptocurrency on the air. I
bought some light coin I bought some Bitcoin all told all in after all that
the shenanigans I think I invested about
2,500 American dollars $2,500 and they spiked by early January I think my
position of $2,500 was worth $5,000 if I would have sold I would have doubled my
money in 30 days again this sounds really good and Nicole I you remember
when I would come into your office I’m like guys I don’t know what to tell you
but yes I just keep making money and of course you don’t make money until you
sell anyway but I would just get like a text from you and it would just be like
random numbers I know and that was my update yeah yeah
it was exciting I actually enjoyed it quite a bit those days ended a huge
Bitcoin crash I don’t remember when a couple months ago but now as of like as
of the show today my position is back to 2500 bucks but it
was down to I think 1400 at the low so it went 2500 in up to 5,000 down to 1400
and now at $2,500 a few disclaimers here this is money that was extra money it
wasn’t my emergency fund I didn’t need it for my financial goals or priorities
so I not to sound like a brat but it was $2,500 that I could afford as a gag for
this show that sounds a little bratty doesn’t it a little bit yeah well I mean
that’s what happened I had 2500 bucks that I was willing to use to help us all learn
a little bit about Bitcoin now what am i term what are my goals for this long term.
here’s how I view it I know a lot three people that I told you about that have
invested hundreds in a few couple thousands and have tens of thousands of
dollars the way I view it is that be a fun story
for me and so I’m willing to play that game that being said it’s not a strategy
for accomplishing any goals it’s essentially like a lottery ticket
I own a lottery ticket that has more than one chance to win
I would never take my weekly pay and go buy a lottery ticket sorry my friends at
the lottery I just-I just wouldn’t however I feel like it’s a good idea to
have twenty five hundred dollars in something that there is a wild hare
chance that it goes up to tens of thousands of dollars is that Nicole am i
painting an inaccurate picture here no because I feel like at the time when you
did this this was a more accurate representation of how it was going yeah
I felt like it was heading that way yeah well you still see people who have
claimed to know a lot about this stuff say well it’s you know it’s going to a
million dollars a Bitcoin and I think it’s just under ten thousand right now
are right around ten thousand I don’t know and I don’t know I’ll just tell you
this if the question is is cryptocurrency viable here’s the answer
cryptocurrency the technology behind crypto currency currency blockchain
technology that is a very viable technology in fact it’s already spread
its wings throughout corporate America you turn on the radio or television and
you hear companies like IBM and Proctor and Gamble and all these sorts of like
tried and true companies talking about how they’re using blockchain for
real-time logistics and all these sorts of things so that technology is viable
and in this technology that which is used to support crypto as well so I know
that’s a bad out to answer that question but the technology behind cryptocurrency
is absolutely viable and important and there are ways to invest in blockchain
technology outside of cryptocurrencies now for the cryptocurrency itself I
don’t know I don’t know I do know this that the the what’s the opposite of
spike? The crash? The crash of the value in the last few months was a lot because
options began trading on cryptocurrencies so people were selling
against it you know options allow you to sell or buy the right to buy or sell at
a future time and what that can do is it can manipulate markets with leverage and
that’s more or less what happened so I don’t know if anyone can tell right now
a people a lot of people claim to be experts on on
cryptocurrency I just I don’t know a lot of the experts in cryptocurrency are
dead wrong over and over and over again of course that being said a lot of
experts a lot of things are dead wrong over and over again especially when
predictions come into play so I will say this jump in on cryptocurrency I use
coin base it’s an app on your iPhone or Android coin base but do not put any
more money in there that you can afford to lose tomorrow

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