Bitcoin dies
Didi Taihuttu is the father of a family of three daughters. Together with his wife, they liquidated all their assets to invest in bitcoin, when it was trading near $900 in 2017 (it currently hovers at $47,000). Now, the family hides their entire crypto fortune in secret vaults around the world.
More than $600 million is missing in what is probably already the largest cryptocurrency theft in history. Hackers have exploited a vulnerability in Poly Network, a platform that seeks to connect different blockchains (blockchain) so they can work together.
Although with remarkable discretion, JP Morgan has started to offer its clients access to cryptocurrency funds. So far so normal, as the investment bank thus follows in the footsteps of rivals of its own such as Morgan Stanley or Goldman Sachs. What is newsworthy is that it is doing so after its well-known CEO, Jamie Dimon, did not miss the opportunity to turn bitcoin and its peers upside down.
Bitcoin in the world
Experts disagree on what S&P 500 stocks will do over the next month. However, if asked about what they will do over the next decade the general sentiment is that stocks will be above current prices. Conversely, the sentiment is not the same when talking about a stock as different and controversial as cryptocurrencies.
With holdings of more than 105,000 bitcoins, MicroStrategy has consolidated its position as the company with the largest accumulation of this cryptocurrency, surpassing firms such as Tesla (42,000 bitcoins) Galaxy Digital (16,000) or Square (8,000). Its founder, Michael Saylor, a faithful believer in this religion, is convinced of the profits that can be generated by investing in this digital currency in the long term. «If you have that macroeconomic vision, along with the technological vision and with a time interval of a decade, then it’s not so risky. It becomes dangerous if you trade bitcoin over a short-term period, like say a month,» Saylor said during the video podcast, Let’s Talk Bitcoin.
The bitcoin world
Didi Taihuttu is the father of a family of three daughters. Together with his wife, they liquidated all their assets to invest in bitcoin, when it was trading near $900 in 2017 (it currently hovers at $47,000). Now, the family hides their entire crypto fortune in secret vaults around the world.
More than $600 million is missing in what is probably already the largest cryptocurrency theft in history. Hackers have exploited a vulnerability in Poly Network, a platform that seeks to connect different blockchains (blockchain) so they can work together.
Although with remarkable discretion, JP Morgan has started to offer its clients access to cryptocurrency funds. So far so normal, as the investment bank thus follows in the footsteps of rivals of its own such as Morgan Stanley or Goldman Sachs. What is newsworthy is that it is doing so after its well-known CEO, Jamie Dimon, did not miss the opportunity to turn bitcoin and its peers upside down.
Future of bitcoin
One of its main attractions is that its value has been growing progressively since January 1, 2009, when the first bitcoin block was obtained: if in 2013 more than $100 was already being paid per bitcoin, in 2017 it surpassed the $1,000 barrier and just a few months ago, on March 13, it reached $60,000. However, cryptocurrencies also have their risks, and in fact, as of June 7, their value has dropped by almost half: $36,000.
1. Approaching investment as a «game». For a significant percentage of young investors, bitcoin is likened to a gambling game or a digital Monopoly, but the truth is that it is a serious investment alternative in which you can win, but also lose, a lot of money.
2. Believing that financial education is not necessary. As the UOC professor explains, the value of the digital currency and its movements are easy to identify, which makes it easy to understand. However, investing in cryptocurrencies is not as simple as looking exclusively at their value. «As with any other investment, one should be aware of the associated risks, an aspect that most young people who buy cryptocurrencies are unaware of given society’s limited financial literacy,» she says.
