Right after reading the following…
I, too, wish I had bought lots of bitcoin then! I, too, would be a multimillionaire now. People make money on bubbles. The people who don’t make money on bubbles are… the people who start talking about it to their stylist way after the inflationary period.
…I came across this story:
Coincheck, a cryptocurrency trading exchange in Tokyo, has been hacked and has lost about 58 billion yen ($532 million) worth of its holdings, local media reported Friday.
The size of the cryptocurrency theft is the largest since the advent of bitcoin, the most well-known cryptocurrency in the world.
If I put my money into the bank and the bank gets robbed, the FDIC insures me up to $250,000. The government could theoretically insure cryptocurrency, but that would undercut its ‘free of government control’ selling point for many of its users. Until then, you’re on your own.
Perhaps one day, I’ll look enviously upon the scores of BitCoin billionaires. Perhaps the armchair investors–and a handful of smart opportunists–will prove me wrong! But–quite literally–I wouldn’t bet my bottom dollar on it.