For those of you wondering ''Am I too late
to the party?'' my answer is simple: no, you are not. For the same
reason a decent an honest man is never too late to a drug party
organised by a gang lord.
The fact that Bitcoin is fake gold is obvious to any reasonable person.
It is not a currency, not an asset, not a unit of account and it doesn’t
provide a scalable means of payment. No income, no use, no utility. At
it's core, it is a self serving speculative system used by criminals,
terrorists, human traffickers and tax evaders, sheltering their wealth
and moving money across international borders.
As a system outside government control, sooner or later, bitcoin will be
crushed by governments world-wide because no government is going to
allow untraceable tax-free transactions for too long. When that happens
the bubble will burst and in that moment there will be no winners.
Bitcoin will revert its intrinsic value – which is zero. Or more
precisely below zero because maintaining the chain ledger will cost billions of dollars in electricity consumption alone.
I am not a financial adviser of any kind, but when we have a spare
dollar or two, we invest in education, workshop machinery and watches.
Real assets that will take our earning capacity to next level.
The best investment for a carpenter is in timber, for shoemaker in
leather and jeweller in gold. Planting a few native shrubs in your
backyard and painting a house with a fresh coat of paint is simply a
smart investment. Investing in a new pair of walking shoes and a dog is
the ultimate investment.
Obviously, the future of money is in some form of digital exchange, and
sooner or later we will go ‘crypto’. But that coin won’t be a Bitcoin.
In 20 years from now you will remember this moment in time with chuckle,
while checking the time on your NH Mark 1, Seiko or Omega thinking –
well THAT watch was a great investment. | |
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