Posted: Feb 16, 2019 2:41 pm
Yeah, ok. Not a chance I'm afraid. This is not a realistic expectation, sadly.
jamest wrote:Of course it's risky and volatile. So is your fiat.
No, this is like comparing russian roulette to driving to work. Technically both are risky, but they are not in the same category. Honestly you need to be warned - it's very likely you could lose everything you invest, what you're talking about is gambling, pure and simple.
Bitcoin has lost 82% of its value since about 18 months ago. When was the last time the Euro, Dollar, Pound or any other major currency lost 82% of its value in a short span of time?
You may as well say that Venezualan gilts are risky, but so are German gilts.
jamest wrote:I did consider buying some actual gold and I still may do so, given it's VAT free and exempt from CGT within the UK. I don't envisage any great profits from that though. Still, it's a safe option I suppose.
Gold may be somewhat safe, but bitcoin and gold should not be compared.
Seriously, I hope I'm wrong, but since you're saying you've invested a "significant" sum here you have to accept you're gambling against losing almost every penny of that sum.
jamest wrote:I know my decision to buy some bitcoin is risky, but the potential rewards means that I'm playing the game.
I wish you luck, but I cannot in good conscience condone this.
Edit: typo!