My advice to anyone who asked was to avoid bitcoins like the proverbial. My advice to anyone who ignored my advice was to get out as soon as possible, especially if the going looked good; which it did for a while. Now, guess what, their value has fallen by 500%. Interestingly, some who thought bitcoins were a sure thing were nervous about the stocks and shares ISAs I was recommending as an alternative. But no schadenfreude (kids + parents etc.) here.
I make a point of never recommending anything which is a)unregulated or b) I don’t understand and can’t explain. And here’s proof, were it ever needed, that crypto-bitcoins fall firmly into both categories…
Cryptocurrency Bitcoins are to become legal tender in Panama, Guatemala and Paraguay, joining El Salvador as pioneers of the future of world economics/likely homes for lots of dodgy money, delete as appropriate. I can’t see much of the population of any of those...
I avoid recommending stuff which even I don’t understand. That’s where I am with Bitcoin and Cryptocurrencies. The cost of mining them, for example: aren’t they just computer algorithms? Could I coherently explain a computer algorithm? Yes, many, including one or two...