Bitcoin and other cryptocurrencies have risen dramatically over the past year or so, and many investors are wondering if they should put some of their money into these digital assets.
While there are clearly some investors who believe very strongly in bitcoin’s long-term potential, we’re not so sure. In this Jan. 11 Fool Live video clip, Fool.com contributor Matt Frankel, CFP, explains to Intry Focus: Financials host Jason Moser the three reasons he won’t invest any of his own money in bitcoin, especially at the current elevated price.
Jason Moser: Well, Matt, speaking of fintech and banking of the future and all that jazz, we’ve seen over the past 24 hours, we don’t get into Bitcoin very often on this show. It’s not really what we cover here, but by the same token, we’ve seen Bitcoin pull back considerably here over the last 24 hours. I think it’s down somewhere in the neighborhood of about 20% here. You have some opinions on the matter. Why don’t you elaborate a little bit for us.
Matt Frankel: Now you’re going to make me be the bad guy again.
Moser: Well, I mean, I’ve got thoughts too, but I’m going to go ahead and let you start. [laughs]
Frankel: Well, for one, well, Bitcoin is still several times more than it was at this time last year so it’s taking one of the greatest falls. Bitcoin hit over $40,000 a coin last week, and has since