Wall Street Pragmatism vs. Ideology – My view on Cryptos and Bitcoin ***UPDATED***

Looking at the Bitcoin chart, one can only wonder in astonishment and awe – “Oops!… I did it again!”

And looking at the chart below, it seems like it will drop below $2000 eventually, the same pattern of any major bubble in history. And don’t hope for a quick recovery – most likely it will have its simple existence for years to come at levels that will be painful to watch for true bitcoin believers who either came late to the party or those who saw their newly found paper wealth fade away like a Fata Morgana in the desert!

In a way, these new price levels better reflect the current status and real progress of a new industry and its young cryptocurrencies than industry influencers and their lemmings hoped them to be.

As an investor and even more so as a trader and speculator, you need to be pragmatic. In the end, it’s your own money which is on the line. Unfortunately, retail investors and amateurs, throughout time, are losing money because they are getting this principle wrong over and over again. There is no better example than the hype surrounding Fintech, cryptos and especially Bitcoin itself!

This time it has been false ideology over Wall Street pragmatism! The crowds today, mainly mingling in social media forums, such as this, led by misguided ideology, simplified financial thinking and charlatans (and I am pointing my fingers towards James Altucher and/or those he is working for) who filled their own pockets – FIRST – remember LAMBO?

Bitcoin Ideology

Let me explain briefly. I love the idea of a new world where we could transfer money across borders almost seamlessly like we are buying our groceries today in a semi-cashless society. I love the idea of being in control of moving my money around with just a push of a button and without any evil governmental intervention of oversight, fees from third parties, those tedious exchange rates, incompetent central bankers… yada, yada, yada! So in summary, I should be a big fan of Fintech and Cryptocurrencies in general – and I am! But….!

…but I am not betting my money on it, and especially in a way like some clever and very resourceful people want us to bet on this new world.

SmartMoney has never been betting on ideology foolishly. The reason, SmartMoney is pragmatic, i.e. realistic about the flow of real money based on the experience of past hypes, simple economics and in a way common sense. One of their credos is – FIFO – first in and first out – that’s simple Wall Street pragmatism. They leave the ideology to others who usually pay they high price and never receive the value they were hoping for. Be different than anyone else and be ahead of the curve, but leave the ideology at home and never bet money on it!

The Future of Fintech

Finishing my short lecture, the Fintech industry will grow and thrive and we most certainly will have crypto money in one form or another. Like the car industry thrived after Ford came out with its Ford Model T or Netscape released its first internet browser and internet shopping was invented, so will we progress how we pay for things and how we can control it. The Fintech industry will be one of many places to make money; and there will be many business and investment opportunities along the way for the astute, enlightened investor and gentlemen speculator.

SmartMoney just knows where and what to look for – they remain pragmatic!

https://www.cnbc.com/…/bitcoin-nears-its-worst-ever-bear-ma…