At the time of our inaugural advice column on March 8, bitcoin was trading higher than $64,000. We are returning to remind you, we are In Your Corner.
As of Friday, the cryptocurrency had retreated to less than $43,000. If you heeded our advice not to buy in, you saved yourself a 33 per cent loss.
Elon Musk recently did a surprisingly comedic turn on “Saturday Night Live,” but he also reversed course on cryptocurrency: Tesla no longer accepts bitcoin. China also announced bitcoin will no longer be permitted as a transactional currency.
These developments provide a glimpse into how the future will unfold. Russell Napier, economist, author of “The Solid Ground” investment report and Star columnist, recently wrote that we may be seeing a “monetary Sirrocco” (not the diesel-guzzling Volkswagen but the hot old wind), as investors shift from the youthful exuberance of excessive speculation to staid old-fashioned boring investments, such as property, services, equipment and profitable businesses.
We would all do well to diversify into hard, productive, cash-generating assets. Ask your adviser, or robo-friend, to consider moving into value investments before inflation and higher interest rates bring an end to speculation. In Russ we trust …. Russell Napier that is.