The best and worst of cryptocurrency
I get asked about cryptocurrency more than any other subject these days. It’s a juicy new investment milieu that makes headlines weekly, like Bitcoin reaching a new record high of $85k this month and the Nasdaq listing a crypto-exchange platform; a mark of mainstream acceptance. With its popularity and prosperity at all time highs, the prevalence of sophisticated scams targeting investors itching to get rich has skyrocketed.
Here in Australia, investors have lost over $16m already this year to fraudulent investments by fake companies and apps that promise exciting returns by seeking increasingly higher financial commitments from unsuspecting investors before disappearing into the ether.
The main problem is that everyday investors are diving in unaware and enthusiastic about the opportunities. Money is next to impossible to recover from these scammers who largely operate out of West Africa, Asia and eastern Europe but are also commonly found in Australia and elsewhere.
Invest wisely with your trusted financial adviser to avoid debilitating financial deceptions.
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