Many Highly Intelligent People Did It Too.
Intelligence is not the same as wisdom or Logic.
Some of the most intelligent people I know, online, lost their shirts ... pants, and life savings thinking they would become wealthy buying Crypto Coin. Even an AI (Artificial Intelligence) company such as the one below lost two $Billion investing in Crypto Coins .... which are not even coins. Crypto is short for cryptography which is the art of solving codes. It could be that this Cryptocoin Code has now been solved and it is one gigantic zerO coin.
MicroStrategy, an application software company that has invested heavily in Bitcoin, lost a quarter of its value yesterday. The stock closed on December 31, 2021 at $544.49. After peaking at over $800 a share last November, it closed yesterday at $152.15. According to its 10-Q filing with the SEC for the period ending March 31, 2022, the company owned 129,218 Bitcoins, with a market value of $3.96 billion. Its average purchase price for Bitcoin on $3.7 billion of that amount was $30,159. Its average purchase price per Bitcoin on the balance was $44,645. It is seriously underwater on both lots. As of 8:10 CT this morning, Bitcoin front month futures were trading at $22,270 per Bitcoin.
Adding to the strains on the company, MicroStrategy reports in its 10-Q that significant amounts of its Bitcoin purchases were financed by issuing debt securities and taking a term loan from Silvergate Bank. (I took this off the internet. RB)
Yes, some of those who cashed out in time may have become millionaires, but that is not the end of the story. There is another adage that bolsters "There is no free lunch". It says, "Easy come easy go". But government taxation still applies to the Crypto heavy spenders. It matters not to the IRS that you lost all those gains you spent before the crash. And if you borrowed to buy Crypto, you still have to deal with those loans. And, yes, it may go back up later on, but later on, may be too late to help.
God has provided a better way to enjoy the fruit of your labors. "Give, and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give into your bosom. For with the same measure that ye mete withal, it shall be measured to you again." Jesus said it in Luke 6:38. It is a way of life, a believer blessed, not hit or miss, trial and error but a promise made and a promise kept. If you are going to invest in coins, make sure they are gold or silver, not paper or keystrokes.
May God have mercy on those who were caught in this Crypto bear trap. May they survive financially and emotionally and gain in logic wisdom, and spiritual perception which is far more valuable than wealth anyway. RB
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