Investing in cryptocurrency has been all the rage, especially after the endorsement by Visa, PayPal, and Tesla of popular digital assets such as dogecoin, bitcoin, and ethereum. Yet, to cybersecurity expert Bob Seeman investing in crypto is no better than gambling. He described any investment moves in the space not as making down a prescient financial decision but rather “gambling in a rigged game.”
Gambling in a Rigged Game
The blockchain technology used to power the cryptocurrency and arguably creates the real value of digital assets is what Seeman describes as a “distraction” designed to steer people’s attention away from the fact that cryptocurrencies in their own right have little to offer back. This has not stopped the United States and the European Union to try and work out a way to regulate the assets, which are growing in popularity exponentially.
Seeman reflects the opinion of the anti-crypto lobby which argues that bitcoin has no consequential value as it creates nothing. He further noted that the currency is more of an unfair and unlawful game of chance rather than a functioning financial mechanism. It’s even worse, Seeman purports, calling the currency – i.e. bitcoin – the world’s biggest “unlicensed gambling casino.”
Betting on Points Spreads on Football
Cryptocurrency, Seeman added, was akin to placing a point spread bet on football. He is not alone in his criticism of cryptocurrencies, as there are others who disapprove of the currency. Warren Buffet and Charlie Munger, two of today’s most prominent mainstream financiers and investors have both blasted the currency.
Munger has called it “disgusting” and a “Ponzi scheme” whereas Buffet has been tamer in his comments of late. The Oracle of Omaha has simply stated that he did not consider the world’s supply of bitcoin worth even $25. This has prompted barbs from the crypto investment world with Elon Musk tweeting a video of Buffet captioned “haha, he said bitcoin so many times.”
Whether bitcoin is a gamble or a smart investment some are privy to it while others are too busy denying only time will show.