This is Crazy

I was skimming the news and saw this article on the man who bet his entire life savings on Bitcoin.

For one Dutch businessman and father of three, it was the year to make a radical change. Didi Taihuttu sold almost everything he owned, including his business, house and car, and put all that money into bitcoin. He bet everything he had, and everything his family had, on a decentralized cryptocurrency future.

I am an advocate for taking risk. But there is a balance. It’s called, risk/reward.  I have have heard of people borrowing against their homes to buy Bitcoin. That’s nuts.  When you do trades like this, you only risk what you can really afford to lose.  John McAfee is standing by his claim about the price of Bitcoin in 2020.  If McAfee is right, Didi will make out like a bandit.

By the way, on November 29th, we are hosting an interactive panel discussion on Optimizing Bitcoin Regulation at the University Club of Chicago.  It’s open to the general public for a small fee.  Business attire is required and there will be a sense of decorum in the room.  You will have to look up the club information and get in touch with them if you’d like to attend.  The panel will be moderated by Northwestern Law Professor John McGinnis.  He has published quite a bit on cryptocurrency.  We will have the General Counsel of the CFTC Dan Davis on the panel, former SEC regulator Pat Daugherty, and a representative of one of the largest crypto traders in the world Cumberland Mining’s Jim Radecki.

Cryptocurrency will not become a thing until the regulatory agencies put out some guardrails.  The water is not safe for institutional traders until then.

The WSJ did a video on Didi and his family.  I am sharing it here