Episode 625: “What are your thoughts on Cryptocurrency such as Bitcoin?”

Today’s episode was recorded in the bush of Western Australia on my parents’ wheat and sheep farm. I requested questions on Facebook and I received some good ones that I am going to record for you over the coming days. Today’s question is from Chris Rowell who lives in the UK. Chris wants to know what my thoughts are around Cryptocurrency and Bitcoin.

I share my concerns about the current rage of cryptocurrency that is going on and talk about how closely it resembles the rise in company values in the dot.com industry around 2000 – 2001. I admit that I believe its introduction into our economy will impact future investment decisions for many years to come.

I discuss why I believe that the fast progression in the valuation of cryptocurrencies is too closely related to speculation and I urge caution for investors who are jumping in because they see others doing well and they are afraid they missing out on something big.

I explain that all investment decisions should come from a clear understanding of the vehicle to which you want to invest; and not because of an emotional decision or a fear of missing out.

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