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. 


Disclaimer.

Within this article, Wealth Market Pty Ltd ABN 56 128 350 112, AFSL 482898 (Wealth Market) is not providing advice in relation to financial products or investments. Before making a decision about any of these matters, we strongly recommend that you seek the services of a qualified financial adviser who is able to take into account your individual circumstances. While due care and attention has been exercised in the preparation of this information, Wealth Market gives no representation or warranty (express or implied) as to its accuracy, completeness or reliability. The information presented in this update is not intended to be a complete statement or summary of the matters to which reference is made in this update.