A lot of the investors in bitcoin admit that they don’t understand the technicalities of the blockchain technology that underpins cryptocurrencies. Are you hesitating to invest because of that? Don’t worry you are not alone! People are investing purely on expectation that bitcoin as an investment will continue to rise.
Of course, this is not very prudent and it is a highly risky behavior and experts agree.
As of today, one Bitcoin is worth a mouth-watering $ 18,899. Are you still hesitating?
Here’s what 8 top investors say, as reported by CNBC.
Jamie Dimon : Bitcoin is a ‘fraud’
JPMorgan Chase CEO, Jamie Dimon has been very critical of Bitcoin, calling bitcoin investors stupid. Even though the launch of the Bitcoin features are successful, Dimon said > “I remain highly skeptical.”
Also, on a few other conferences like at the Delivering Alpha and a separate conference organized by Barclay he reportedly declared that Bitcoin is not a real thing, that It will be closed eventually and shall not end well.
Michael Novogratz: Cryptocurrencies like bitcoin are going to be the biggest bubble of our lifetimes
CNBC reported the opinion of Michael Novogratz , the former Fortress hedge fund manager, made at a CoinDesk bitcoin conference .
“To be fair, this is a bubble and there’s a lot of fraud mixed in. We look at tons of projects. And some get funded, and they literally look like Ponzi’s. There’s a lot of froth and fraud in something that’s exciting as this. “
Mark Cuban: Be prepared to lose your money
The advice of the successful investor and billionaire Mark Cuban is that if someone wants to lose his money, should invest in cryptocurrencies like Bitcoin.
According to him, someone should be really adventurous as to invest up to 10 percent of his savings in high risk investments such as Bitcoin and Ethereum. Something that he told Vanity Fair, that someone just has to “pretend that he already lost his money.”
Jim Cramer: Bitcoin is like ‘Monopoly money’
Jim Cramer, the host on CNBC’S Mas Money, has said on Squawk Box: “It’s kind of like monopoly money. Just a pure gambling at this point. I mean, if you want to gamble, go to Vegas.”
Howard Marks: It’s a ‘pyramid scheme’
The billionaire investor and co-chairman of Oaktree Capital , Howard Marks, wrote in an investor letter: “In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it.”
Jack Bogle: Bitcoin is like the plague
Jack Bogle is a legendary and index fund revolutionary investor, jet he is very outspoken against the cryptocurrency: “Avoid bitcoin like the plague.”
In a response at a Council on Foreign Relations event reported by Bloomberg, he also adds, that there is nothing to support the bitcoin, except the opportunity to sell it back to someone else who will pay more money for it than you bought it.
Varren Buffett: It’s a mirage
What does the most successful investors of them all says ??
Maybe we simply need his famous piece of investment advice: “Be fearful when others are greedy” .
His answers to the questions about bitcoin are not different, he advised everyone to stay away from it, and that it is basically a mirage. Also , at his latest salon , held in Omaha, he said that bitcoin can not be valued, because is not an asset of that caliber.
Tony Robbins: Investing in bitcoin is ‘like going to Vegas’
“I think bitcoin is very iffy, fast money. I look at that as it’s like going to Vegas.” In other words, the self-made millionaire and best-selling author of ‘Money: Master the game” , Tony Robbins, wants to say that you should only bet if you can afford to lose.
Robbins himself, directs money to risky ventures and doesn’t rely on them to work out. Those investments for him are just for fun, because he knows he will lose, as this is Vegas.
This is some warning, form people who know something about making money and investments, don’t you think?