Should you invest in Bitcoin?

Bitcoin and other cryptocurrencies are all the rage. But should you invest your money in them?I recently received this listener question:“There is a lot of talk going on about Bitcoin and Dogecoin. Are they good investments?“Bottom Line Up Front: I do not currently recommend putting money in cryptocurrencies, because it would be mostly speculation and not investing. Realize that if you do not participate there’s a good chance of FOMO with the constant news and watercooler discussion (is that still a thing?)Julie and I discuss the following:A well-diversified, low-cost index fund portfolio will serve you well. There’s no need to speculate with cryptocurrencies.Realize if you put money into Bitcoin, it’s not an investment, but a speculation. There are no fundamentals - you are hoping that someone else will pay more in the future. The entire value right now is an implicit societal agreement that it’s worth something.Cryptocurrencies are built on the Blockchain. This technology is a massive breakthrough and will be heavily used on the internet. Speculation in crypto is not an investment in Blockchain.Bitcoin and other crypto assets are not currencies: they are too volatile. Currency exchanges do fluctuate, but not that fast. And when they do, it’s not a good sign!There are a lot of risks with putting money into cryptocurrencies: Regulatory, Security, Insurance, Fraud, Market and Liquidity.  Be aware.Resources:Larry Sweadroe discusses his view of investing in crypto at the start of this podcast. Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/