Bitcoin seems to be the most amazing thing that could ever have happened to so many investors. It went up in price so drastically that many people made thousands of dollars, even when they had never invested seriously before. Paul Mampilly is sorry to break your bubble, but he is only doing this because Bitcoin itself is a huge bubble that will burst soon enough. He just wants you to be prepared for it so that you do not lose money like all of the people who lost money during the dotcom bubble back in 1999. Visit the website paulmampillyguru.com to learn more.
Nobody really knows who created Bitcoin. It was created by Satoshi Nakamoto, but nobody knows who he really is. It is a pen name, and it may stand for a group of people. Bitcoin and other cryptocurrencies are not backed by any large banks or financial institutions. It is all online. The currency is not backed by gold or silver or anything else that is substantial. It is created by electronic mining processes out of thin air.
Bitcoin continued to grow, and soon it was adopted by various big names in investment and tech. Some companies started using it. The media started reporting on it as if it were the coming of the Messiah. Governments around the world started paying attention and passing legislation about Bitcoin. Other cryptocurrencies started sprouting up and flooding the market.
An example of this would be Ethereum. Ethereum, which later split into Ethereum and Ethereum Classic, are both two of Bitcoin’s major competitors. It was started by a Russian programmer, and it grew an astonishing thirteen thousand percent in the year 2017. However, this does not mean it will continue to grow. In fact, it is likely to burst as well, as it is just another bubble. Read more articles by Paul Mampilly at Banyan Hill
Another player in the cryptocurrency market is Litecoin, which is also a major competitor to Bitcoin. It was started by a former Google employee. It also grew tremendously, and it doubled in value in 2017. However, this will also go down in value soon enough.
What Paul Mampilly is saying is that you should not buy into the hype as nothing can go up in price forever. There is a limit to it. Stop listening to all the media outlets that are going crazy about Bitcoin. They have no idea what they are saying and will just lead you to financial ruin.