Anonymous
Anonymous asked in Business & FinanceInvesting · 4 weeks ago

Why do people invest in Cryptocurrency?

The whole thing is a giant scam ripping people off with their fake virtual money. A buddy of mine was telling me about “Xrp” and it’s real world utility sounds like some bogus to me.

Update:

“Ethereum” is another one he’s got his life savings in

5 Answers

Relevance
  • 3 weeks ago

    It's not an investment. It's gambling.

  • 3 weeks ago

    Because they enjoy gambling.

    -----

    Cryptocurrencies are a form of gambling where buyers hope to sell them for more than they paid. Their values fluctuate daily as novelty and popularity changes. Unlike stock where a business is earning money or a bond that pays an interest amount, there is no reason to expect a cryptocurrency to make money for you.

  • 4 weeks ago

    Warren Buffett told us to stay away from Bitcoin in 2014 ----- since that time it's now worth like 8 times as much.

    It's digital gold.  think of it like regular gold, only online and more exciting.

  • Anonymous
    4 weeks ago

    Tell that to Erik Finman. He'll laugh right in your face.  That's because back in 2011, when he was only 11, he took the about $1,000 his grandma had given him over the years, which was in a savings account, and invested in bitcoin.  Now, eight years later, he's a millionaire. 

    They say that he who laughs last, laughs best, but who really laughs best is the kid who made a million bucks off the birthday money he got from his grandma.

    • Donut Tim
      Lv 7
      3 weeks agoReport

      You could say the same thing about the winner of the lottery. Was it a good investment or merely gambling?

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    4 weeks ago

    Because they are not cautious enough

Still have questions? Get your answers by asking now.