Bitcoin Warning from Jim Rickards

in #bitcoin3 years ago

This post is not intended to upset anyone, but is something for holders of bitcoin to consider. Jim Rickards is a respected economist and lawyer who is a Wall Street veteran. He's also a New York Times bestselling author who has written the books Currency Wars, The Death of Money, The New Case for Gold and The Road to Ruin. He has also been retained as an advisor on the capital markets by the U.S. intelligence community and Department of Defense.

He tweeted this warning in December about how holders of bitcoin might get ripped off by bitcoin whales via the futures market. While bitcoin futures trading was seen as a good thing by people in the crypto community as validation that crypocurrencies were becoming legitimate, Rickards pointed out a way it might be used to rip off newer and smaller bitcoin investors. I don't know if that's what's going on but I wanted to share.

Again, this post is not intended to offend anyone, but the fact is, the crypto markets are unregulated. Those of us who hold cryptos have to take care of ourselves. I'm not trying to tell anyone what to do, I'm simply sharing information for people to consider. You are free to use it or not use it as you see fit.

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Makes sense. The whales always win. Money is power!

Having said that, us minnows need to hunker down and remain fearless. You don't lose anything if you hold. Long positions almost always come back. The stock market always comes back. Good solid investments always come back.

HODL on, be strong, and block out the FUD.

I'm not selling any of my coins. Fortunately I'm still sitting on nice gains, but I feel sorry for newer investors who are underwater. In the long run, I really think people who hold quality coins will be well-rewarded for their patience.

More upvotes if we support one another. Strength in numbers.

Tnx for dis I'll keep an eye out