Shah Gilani
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These Two Rules for Trading Bitcoin Could Save Your Wallet
Bitcoin, the well-known and most widely "circulated" cryptocurrency, is grabbing a lot of attention lately.
Here's the thing about Bitcoin: It's not an investment. It's merely a tradable thing, that's all. The same goes for all the other wannabe legal tender cryptocurrencies.
The new attention is coming from the fact that they've all soared in price… Or value, or whatever they calculate their worth against.
Goldman Sachs, arguably the most elite and most profitable trading shop, investment bank, and government puppet-master in Wall Street's checkered history, is weighing setting up a trading operation and sales desk dedicated to Bitcoin and other cryptocurrencies.
But that flies in the face of what other heavy-hitters are saying. Jamie Dimon, CEO of JPMorgan, the largest bank in the United States with its own formidable global trading operations, said only two weeks ago that Bitcoin was a "fraud" and he'd fire any employee who traded it for being "stupid."
So, what gives?
It's simple, really. Bitcoin isn't an investment-grade anything. It's a tradable "instrument" like gold, or carbon credits, or tulips. The reality is that both Goldman and JPMorgan are correct, but only if you understand the nuance of this brand-new situation.
The only way to trade cryptocurrency, if you must, is to follow these two rules... - My Favorite Reader Questions, Answered
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