I find it fascinating that we humans tend to begin to believe anything repeated by many others.

Some well-known persons, some not so well-known.

Repeating something does not make it true.

It’s a well-understood thing that humans will tend towards belief when they hear, read or see the same ‘facts’ presented to them repeatedly.

One example is the continuing statements around the ‘value’ of Bitcoin.

Bitcoin has no intrinsic value.

You cannot hold a Bitcoin because they don’t exist except as a number in your wallet.

It’s only backed by belief.

The current ‘value’ is based on the ‘greater fool’ theory.

The theory is that you’ll be able to find a ‘greater fool’ to pay you more than you paid for your digits.

The biggest issue I see with Bitcoin is that it hasn’t gone through a Bear market.

It has only existed since the GFC.

All that time, the markets have been in a low-interest, low-inflation Bull market.

When the market crashes, which is inevitable, people with margin loans to buy more Bitcoin and shares will sell anything they can to pay the margin calls.

I’m sitting in cash at the moment, waiting for the carnage.

There will be bargains to be had, but Bitcoin is unlikely to be one of them.

Companies that actually make and sell things will be my targets.

In the meantime, I’m boosting my Internet cash flow to boost my war chest.

Regards,
Brent.

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