Bitcoin, Ethereum, Ripple, Litecoin and other cryptocurrencies have been on a roller coaster lately. Sharp upturns have been followed by sharp downturns, with each upturn and downturn lasting only a few weeks or a few days. The trouble is that no speculator is smart enough or lucky enough to “time” the market. At least that’s what mainstream financial economics claims.
“Unfortunately, almost anything connected with the future of bitcoin is speculative right now,” says Jason Labrum, founder and president of Labrum Wealth Management. “When you look at the sophistication level of the average person buying bitcoin, it’s scary. They just see an asset that at times has gone up a whole lot in value, so you get a herd mentality of people wanting to jump on the bandwagon.”
Labrum isn’t clear how things will look in twenty years from now. “It will be interesting in 20 years to look back on the conversations we are having today about bitcoin. By then, cryptocurrency could be a normal part of everyone’s life, or it could be a once-trendy thing that everyone has forgotten about.”
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