Bitcoin is the new virtual cryptocurrency designed back in 2009 by an anonymous programmer known only as as Satoshi Nakamoto. Bitcoins are traded person to person virtually anonymous without federal oversight and without any involvement of banks or middle men. The fact that they are unregulated makes them so dangerous. Bitcoins are designed by a complex mathematical computation and transacted over the Internet.
One can see why, too many people still have the 2008 financial meltdown in mind and are not keen on making risky investments based on something that basically has very little change in succeeding taking over our current financial system. The anonymity that this currency provides makes them very appealing to terrorist, hackers and scam-artists.
The problem with Bitcoins is that they are still unknown to many people. Like with many things, we don’t always like change. When it comes to dealing with something as important as our day-to-day money and investments most of us would rather stay with a currency that has federal backing and security. Coming up with new ways to get rich quick is nothing new, but the fact these accounts can’t be frozen or scrupulously investigated for fraud does not appeal to the average person.
Bradley Reifler, a private wealth and investment strategist and Chief Executive Officer at Forefront Capital Management L.L.C. In New York City advises strongly against dealing in the virtual currency. Reifler’s advise should not fall on deaf ears, his 30 years of experience in the management of private investments for individuals and companies alike should count for something. He created several companies with revenues of over 200 million dollars a year. With Offices in the United States, Austria, United Kingdom, Latin America and Singapore.
So should we heed the advice of Bradley Reifler and stay away from Bitcoins? There are many opportunities to experiment but gambling with your investments should probably be given a little bit more careful consideration.
Remember the Bitcoin currency spiked all the way to over $1000 back in 2014 and then dropped to its current value of just slightly over $421.
With that amount of fluctuation, it is not hard to see why Reifler would strongly advise against investing in such an unsecured and downright-dangerous, made-up currency.
Remember no investment is risk-free and there is rarely a guarantee of return on investment, but Reifler and many people like him have been cited on many occasions as saying that dealing in Bitcoins could prove to be more risk than its worth. If many seasoned investment strategists advice against the use of the Bitcoin, then one has to take notice. Check out Reifler’s Twitter for more information, otherwise you can read more about him through his Reuters articles.