Scott Amyx quoted on BuzzFeed:
My Wall Street Background
Scott Amyx is the author of Strive: How Doing the Things Most Uncomfortable Leads to Success, which has been endorsed by Forbes, Singularity University, Tribeca Film Festival and other influencers. He is a global thought leader and venture capitalist who has appeared on TV, TIME, Forbes, NYT, TechCrunch, CIO, Washington Post, Wired, Forrester, G20 report and other major media. https://scottamyx.com/
My Predictions About the Fate of Bitcoin Over the Next 5 Years
There was a great NYT article about the Winklevoss Twins’ who bet their investment fund on bitcoins. Their 25,000+ percent return is incredible but so is there recent meteoric fall realizing a paper loss of $443 million. Too say that bitcoins are speculative and volatile is an understatement. At least for the Winklevoss, the cost basis was $10/ coin back in 2012. But for any non-accredited investors to plunge into bitcoins now at today’s inflated prices would be not only unwise but outright foolish.
Does that mean we should never invest in bitcoins? No. (Over the long run, bitcoin is here to stay.) The point is that investors need to start from the perspective of holistic asset allocation and appropriateness to their risk profile. Until there is substantial market correction, it’s a bubble waiting to burst and with it many people will lose a big portion of their savings.
One of the best advice I ever received was, “if you hear your family members, taxi drivers or neighbors talk about an investment, you know that it’s time to get out!”
