FreeMalaysiaToday: Invest in bitcoin only if you can afford to lose

FreeMalaysiaToday: Invest in bitcoin only if you can afford to lose

Bitcoin – Interview with Free Malaysia Today

Bitcoin – “Invest in bitcoins only if you have something extra to spare, something you can afford to lose,” he said.

Cybersecurity expert CF Fong has advised the public to think twice before investing in bitcoins. Fong, who is the founder of security services firm LGMS, said he personally would not invest in the cryptocurrency because it’s not based on anything tangible.

“Essentially, the bitcoin has become a religion because people believe the values are assets and that is why the value appreciates,” he said. “But in essence, it is based on nothing. If you believe it is worth 20,000, it will be worth 20,000. If you believe it is worth zero, it will be zero.

“If one day the belief system collapses, the whole game will collapse.”

However, he said he believed the price of bitcoin would continue to shoot up for the moment and he advised those thinking of joining the bandwagon of investors to first study the currency’s mechanism.

“A lot of people don’t know how bitcoin works and blindly invest in it because their friends told them to.

“The funny thing is that a lot of people are saying they are making money from the bitcoin. They have been holding bitcoins and are still holding on to them. If you don’t sell anything, you are not really making any money.

“People have this misconception that they are making passive income or direct income from bitcoins. They are not making any money. They are just holding on to a hope.”

Full article from FreeMalaysiaToday

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