Bitcoin is a hot niche, but a lot of HUGE risks can come with trading it. Some people love trading crypto and bitcoin — but I don’t. Check out these three key reasons I steer clear of this niche.
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I’m far from perfect … but I have experience. And it’s because of my experience that I don’t focus on bitcoin. Some bitcoin and cryptocurrency traders can be arrogant … All because just a few months ago, Bitcoin was headed for the moon and predicted to hit a million.
Don’t mistake arrogance for experience. Let’s check out what’s so risky about trading crypto and bitcoin.
Risk number one: bitcoin is a sketchy and unregulated niche. That means that you can be trading all your cryptocurrencies one day. And then the next day, your account is gone.
Ironically, I like the “safety” of penny stocks.
Risk number two: tax and profit risks. Really, you have to consult a financial advisor here. Again, it’s a sketchy business. In fact, I’d consult multiple financial advisors and accountants — the rules are questionable. You need to educate and protect yourself.
The third risk is volatility. People think that bitcoin is the future of money. Maybe it is, or maybe it isn’t. None of that matters right now. You need to be concerned about how it’s trading — and there’s dramatic volatility. Are you prepared for that?
So you have tax risk, volatility risk, and, frankly, inherently built-in risk since this is such a new niche. On top of that, I know a lot of bitcoin traders are cracked out because they’re on constant watch, 24/7. It never stops trading.
That might not be a risk, but I wouldn’t consider it a plus. With stocks, you have a nice Monday to Friday trading time period. You have time to prepare.
I don’t trade Bitcoin or any crypto directly. I can get the returns with stocks. I don’t have to take excessive risks — and a lot of people don’t think about this. I want you to start thinking about the risks.
Do you hate my guts for warning you about the risks? Or have you lost all your money and now you realize I’m actually telling the truth? Leave a comment below and tell me!
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Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to share everything that I’ve learned over the years. You can check out more videos right over there, and also click ‘subscribe’ so that you can watch all of these videos, get that knowledge and become my next millionaire student.*
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