Done quite a bit of reading about crypto and I believe crypto will be recognized one day as a legitimate medium of exchange.
That day is not here yet. You don't go into WalMart and pay with crypto as far as I know. Do you?
Right now it is pure speculation.
If you truly consider it to be currency, then what you are doing is currency speculation.
Pros make a lot of money with currency speculation. Also speculating in metals, corn futures, other commodities, etc.
Nothing new about that. A few will get rich which is what happens with speculating in things to get rich.
Remember "Day Trading"? When was that? About 10-12 years ago? Everybody was going to get rich being a day trader.
My neighbor told me he was doing it. Didn't work out for him. His wife later booted him out of the house.
Some got wealthy with day trading. Mainly the people teaching day trading to suckers like my neighbor.
Most will not speculate successfully and lose as there is only so much to go around. Which is why new crypto types are being created all the time. Something new to sell the suckers. So give it a shot if you dare. I'm not saying you can't be the one lightning hits.
You have to find someone willing to pay more for what you paid someone else more for.
This is called the...
Greater Fool Theory
By Adam Hayes
The greater fool theory argues that prices go up because people are able to sell overpriced securities to a "greater fool," whether or not they are overvalued. That is, of course, until there are no greater fools left.
Investing, according to the greater fool theory, means ignoring valuations, earnings reports, and all the other data. Ignoring the fundamentals is, of course, risky; and so people subscribing to the greater fool theory could be left holding the bag after a correction.
