Don't get mad at me for the title, it is not me saying it.  This is the first line from an article on the Guardian website. The actual title of the article is: If Crypto Is Incorporated Into Australia's Financial System, We Will Be Lucky To Avoid Contagious Collapse. The basic idea of the article, so you don't have to read it, is that Crypto is worthless and it will all soon crash...bla, bla, bla.

Now, for full disclosure, I am down to owning almost zero in crypto right now. In fact, my Publish0x holdings are my second largest stockpile. This is not because I think crypto is worthless, but, because I am a little bit of a scaredy cat and pull out my earnings if crypto goes up. I have missed out on a lot of upside, but, unlike people who think crypto is worthless, I just look to get back in a dip.

Now that I have got the fact that I am not a HODLr out of the way, I still need to rant about people who sit on their high horses and write that crypto will soon be at zero.  So , to keep me from rambling, I will just bullet point why John Quiggin (the Guardian author who wrote the piece) is off his rocker.

1. Bitcoin is closing in on being two decades old and is worth about 100,000.  Usually, things that are found to be worthless happen within a few years. Some examples: Tulips, Beenie Babies, 8 Track tapes. They don't go for decades, get on the radar of billionaires, get incorporated into major governments, increase in value over the long run, and are turned into ETFs.

2. His second point is that items like gold, silver, and currency backed by governments hold their value.  I am a big fan of the ole USA and have a lot faith in the people that work hard here, but, that doesn't mean I believe strongly in a currency backed by a government with 36 trillion in debt. Crypto has no debt obligation, in fact the only thing crypto has to do is be worth what people are willing to pay for it, and it does that almost perfectly.

3.  These articles just reek of the smell of sour grapes. Financial "Wizards" that have done well in traditional money sectors, but, watched other people make millions off crypto while they set on the side line. They think they have the power to drive crypto to zero just by saying it is worthless over and over.   Nothing is sadder than people hoping other people fail to feel better about themselves. Well, we are closing in on 20 years and we are looking at some all time highs.

(This Guardian article is from December of 2024 and gets more wrong everyday, so even more reason to be skeptical of what you should do with your money.)