Opinion Piece – Picking Cryptocurrency winners!

Published January 5, 2018

Aaron Brown’s opinion-piece about picking cryptocurrency winners is a must-read for a measured view in a time of extreme thinking.

Almost nine years since bitcoin’s birth, central banks worldwide are increasingly recognizing the potential of cryptocurrencies. Experts have said that blockchain technology could change the face of the global financial system and JPMorgan has begun testing potential use cases of the technology.

At the same time JPMorgan Chase CEO, Jamie Dimon, has only recently retracted the statement he made in  September 2017, that bitcoin ‘is a fraud’ and ‘worse than tulip bulbs’ going so far as to threaten to fire any trader who bought or sold them for being “stupid.” While at the other end of the scale, cryptocurrency evangelists echo Fidelity Lab Hadley Stern’s claim that “Bitcoin is “digital gold” and “blockchain technology will change the world,” and are vocal about their belief that nothing will ever be the same again.

So do you invest in a cryptocurrency and if so, which one?

Brown advises considering intermediate outcomes when choosing which cryptocurrency to back.

Governments may or may not encourage regulated cryptocurrencies, and they may or may not act aggressively to stamp out dark cryptocurrencies, but I can’t see them being successful enough at either one to remove the need for independent cryptocurrencies or to extinguish all cryptocurrencies.

Takeaway tip? Buy cryptocurrency, maybe on the side and don’t go dark. It’s not rocket science but it is hedging your bets.

Read the full article here

Source: Bloomberg.com