BITCOIN IS A SCAM By Ben Afolami

BITCOIN IS A SCAM By Ben Afolami

Some friends called me yesterday that BTC and other Cryptocurrencies are scams. Another one told me Cryptocurrencies is another form of gambling (abeg waiting be my own? I send una 🙄😂smiles) Well all of them are correct from the perspective at which they speak. But Financial Experts and Investment Analysts will most certainly say otherwise.

 

 

The reason for the above assertions and assumptions by my friends is largely due to the fact that after BTC re-visited the $64k-$69k levels last year from it 29k fall in the middle of same last year; in the last 5 weeks, Bitcoin has made another caststrophic fall to $33k low, erasing over 50% in it value; an estimated One Trillion Dollars in monetary terms and market capitalization. That’s whooping anyway. But these are the realities of Financial and Commodity Markets. They are highly susceptible to shocks and great changes. It happens too in Gold, Silver, Crude Oil and other volatile currencies like British Pounds and Japanese Yen.

 

 

For my friends, BTC “will and must” continue to rise until it reaches $1B per coin so that all of them will become Billionaires in Dollars. (smiles) Haba!!! This defiles logic. Nothing of Value does that. The forces of Demand and Supply will continue to play out. And that is where you need tools, knowledge and experience like the Financial Experts and Investment Analysts to decide the next direction of your portfolios. I wrote and predicted all that is happening in BTC now about 35 weeks ago, exactly 5th of May 2021 in my post titled “BITCOIN HAS MADE A U-TURN”.

 

 

I had told some of us and still telling us for the umpteenth time that you don’t because you have access to a Pharmacy and you result to ‘self-medication’. It is suicidal because you are not a doctor. It is the Physicians who were trained for sometimes up to 10 years with decades of experience that have the responsibility to prescribe drugs for you.

 

 

Same way you cannot because you have access to the internet and begin to put your had earned resources into the Financial Market just because one ‘Yahoo Boy’ gave you ‘update’. It is suicidal because your had earned resources will be at the mercies of United States Institutional investors like Warren Buffet, Citi Bank, JP Morgan among other giants of Wall Street.

 

 

For more than half a decade, I personally have been learning and unlearning the nitty-gritty of the Financial Market and I remain a novice. It is funny how many of us carry our phones and jump into that wide, weird and wild market. It is like crossing the Lagos-Ibadan express way without looking both sides. No doubt, you might not get to the other side of the road.

 

BTC or Cryptocurrencies among other Financial Instruments are not scams or gambling schemes. It is a highly sophisticated market meant for the strong(those properly equipped with the required skills to swim in the Financial Sea).

 

For Financial Experts and Investment Analysts, whether market is Bullish (rising) or Bearish (falling) they are making huge profits and smiling to the Bank.

 

 

If you want to make profits from the Financial Market, not just BTC, look for an Investment Analyst to advice you just same way you look for a Doctor when you are sick. Anything outside this is “SCAM or GAMBLING”

NB: abeg o DM me o. Like I rightly said in this post, I am still a NOVICE.

 

©️Ben Afolami

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7 thoughts on “BITCOIN IS A SCAM By Ben Afolami

  1. Здравствуйте

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