“Music doesn’t stop till fat lady sings”
Now that crypto currencies had gone mainstream governments are going to step in and start regulating them. Governments are afraid of cryptos because they are a perfect tax evasion tool. It all depends on what US, EU and China regulators will decide. If legislation turns nasty, value of BC can melt back to where it started from, which is $0.
- So far China closed all crypto exchanges, meaning, you can have as many BCs as you like, you can’t pay locally for daily essentials. Big investors can’t care less because they can go abroad and do exchange, but small BC owners are big losers.
- Russia is looking to outlaw crypto mining, because gov. considers it ponzy scheme, but not the ownership. Russian gov. is worried about tax evasion.
- EU introduced law requiring full transaction transparency. EU is working on more new legislation.
- In Britain you have to send a gov. ID & selfie to a BC dealer, before he’ll work with you. So all your transactions can be traced back to your face.
Until a legislation cycle of major governments doesn’t settle down, cryptos are idiotic choice for long term investment.
But, if you are good at day trading, that’s completely different story, you are closing daily, and you can go both long and short, ride news etc. Or if you can get free electricity, like in South Africa, mining is a big option.
Ask yourself, of what use is BC going to be to you if you can’t exchange it into local currency?