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Don't Get Caught in the Bitcoin Hype

Tremendous “speculative mania” appears to be engulfing markets for cryptocurrencies such as bitcoin. You may not realise that such currencies are mostly attractive to criminals and speculators. So why the hype?

Blockchain, as technology underpinning bitcoin, could one day support a digital currency that may pave the way for efficient alternatives to cash currency. We acknowledge that unregulated cryptocurrencies are attractive to criminals that operate in illegal black-market operations such as drugs and worse. Even the RBA is not convinced at this time for an electronic dollar to operate in tandem with physical banknotes but says in time, a new form of digital money – a variation on exchange settlement accounts may come into fruition.

These serious concerns as made by financial institutions, finance commenters and the like that bitcoin – which has increased in price from about $US800 at the start of the year to more than $US17,000 – was mostly used by criminals, is not regulated and the price increases have been escalated by speculators. We think that extreme caution should be exercised with Bitcoin as an investment for these obvious reasons as this smells very much of the same of “Tech Boom & Bust”. On the other hand, the technology of Blockchain is going to generate further interest & investment for years to come.

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This information is current as at 21/12/17. This article has been prepared by Heart1Stop, a social media brand owned by Heart Mortgage Services and Heart Financial Advisers. The information contained in this article is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The views expressed here are not those of Heart1stop, Heart Mortgage Services, Heart Financial Advisers, shareholders, directors or staff and associated contractors and business associates. This article has been prepared without taking into account any person’s objectives, financial situation or needs. Because of this, you should, before acting on any information contained in this article, consider its appropriateness, having regard to your objectives, financial situation or needs. Any taxation information contained in this article is a general statement and should only be used as a guide. It does not constitute taxation advice and is based on current laws and their interpretation. Each individual’s situation may differ, and you should seek independent professional taxation advice on any taxation matters. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. It is not the intention of Heart1Stop or Heart Mortgage Services and Heart Financial Advisers that this publication be used as the primary source of readers’ information but as an adjunct to their own resources and training. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party of Heart1Stop or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties ("Third Parties") who are not related to Heart1Stop. These links are provided for convenience only and do not represent any endorsement or approval by us.

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