Warren Buffett, chairman and CEO of Berkshire Hathaway and widely considered to be one of the greatest investors of all time, has once again stated that all should avoid cryptocurrency by any means possible. He stated that “we’ll never have a position in them. I can say with almost certainty that they will come to a bad ending.” If these words are not enough to shy investors away from sinking money into the market, the popular cryptocurrency ripple plunged almost 13% after these words were spoken.
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Along with ripple losing value, bitcoin managed to drop by almost 8% in the past week. Bitcoin managed to lose almost 30% of its value back in December, where one investor stated “I just re-financed my house to get in. I’m freaking out.” This has not become wholly uncommon in the market on cryptocurrency as many either make a great deal of money or do the opposite. The high amount of volatility means that people can be watching their cryptocurrencies go up and down all day seeing changes in the tens of percents quite often.
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Jim Smigiel, CIO of absolute return strategies at SEI Investments Co. stated that “with other speculative investments, like private equity and venture capital, you can’t check your phone every five minutes. With cryptocurrencies, you’re able to track the minute-by-minute value of it.” This can often lead to a very stressful situation for investors. They continuously are checking the value of their currencies which can lead to a high amount of stress and confusion as to how to play the market. The hopes are high that the volatility in the space can slow down slightly to the point where investing can be easier on the mental state of those looking to get in.