Money Matters: The scoop on Bitcoin
COLUMBIA, S.C. (WIS) - In this week’s Money Matters, Josh Bradley of Capital City Financial Partners discusses two trendy investment topics: Bitcoin and gold.
What exactly is Bitcoin?
“Bitcoin is an kind of an imaginary currency created in the cloud, a digital currency for the internet,” Bradley said.
Why are people focused on these? Do they fit into a regular investment plan?
“Just because of how volatile it’s been -- it goes up a bunch, goes down a bunch,” he said. “Bitcoin and gold actually are not investments. They’re basically an alternative to cash and cash, usually, is not a great investment. We also view it as kind of an insurance policy against certain events. So, market crashes, inflation – and so they are a good insurance policy; however, just like insurance on your house or car, you don’t want to pay for more than what you need.”
What are some problems or concerns with these types of investments?
“These types of investments are not designed for your retirement planning,” Bradley said.
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