Jimmy Song Opines Investing in Bitcoin and Becoming Overnight Millionaire is a Delusion

Hacker attacks have led to a loss of more than $356 million in several exchanges during the first quarter of 2019.  This has been reported by Cipher a company which specializes in developing anti-money laundering solutions.

There are exchanges which are vulnerable to hacking and are not capable of protecting the personal data and client’s funds.  Exchanges are blamed for poor customer service and also for publishing fake trading volumes.

The BBC released a recent article in which it stated that Facebook would be releasing a Global Coin which will be applicable for use in platforms like Facebook, WhatsApp, and Instagram.

Facebook has been already talking with the Bank of England intending to work in compliance with regulatory agencies in different countries to avoid legal issues.  It is evident that Facebook is subject to several jurisdictions.

The BBC stated that Mark Zuckerberg, the founder of Facebook, met with Mr. Carney to discuss the opportunities and risks involved in launching a cryptocurrency.  Facebook has also had talks with firms like Western Union who are looking for cheaper and quicker ways to make money transfers.

The firm has not yet commented about the matter.  It is evident that Facebook is looking to keep things confidential and under control until most of the work is done.

Jimmy Song stated, “The one cryptocurrency which is sensible to invest in Bitcoin because it’s been qualified through its unique birth and continued maintenance through a span of 10-year existence. Diversification of one’s investment portfolio by adding Bitcoin really can add to the upside, reduce risk, and reduce volatility (if it’s counter-cyclical). Adding unresearched altcoins do not and hence make no sense.”

He also stated that investing in Bitcoin and becoming an overnight millionaire is a delusion.  Song, further feels that Altcoins are marketing hype with no technical value.  He warns investors to keep away from such feeble projects.

Song further opines that “several coins in the industry have very high-risk profiles.”With the risk comes low probability of an actual and useful product which will be built. Ultimately, he feels that diversifying into high-risk investments does not make any sense.

Several Altcoins do not have a track record of delivery; they are unresearched and are not sure if they will achieve what they purport to do in their marketing story  — thus nullifying the very purpose of why the investor would diversify to cryptocurrency.

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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