Posted in: Archive
Published:
December 20, 2013 10:27 AM

Hong Kong business students says bitcoin is too risky: “Better to gamble in Macau”

After the “horrendous” Bitcoin crash (that bounced right back up) some junior investors that joined a trading competition in Hong Kong says that Bitcoin is too risky and that investors should not include Bitcoin in their portfolio.

The students themselves will not invest in Bitcoin because of the uncertainties regarding its future. And we agree that the future to Bitcoin is uncertain and that a lot depends on what the big nations will do with the current unregulated cryptocurrency market. (Personally I have much stronger beliefs in Bitcoin and cryptocurrencies than the junior business students, it’s witnessing the internet and iPhone being borned again.)

Jimmy Hui Yuk-ming,a business administration student on his final year at Hang Seng Management College, says:

“The currency is not regulated. Some say its value is decided by the market but who is going to back it up? Speculators earned when its value soared so much, but they have cashed out. For those who are keeping bitcoin now, I am not optimistic.”

Victor Tsang, one of the students, tells scmp.com:

Buying bitcoin is like investing in a game of digits using real money but behind the digits, the value is nothing

The Hong Kong’s secretary for financial services told hongkongers that Bitcoin is not qualified to become an electronic currency. This may be some of the reason why the students are so fearful for Bitcoin investments.

If you want to speculate in bitcoin, it’d be better to gamble in Macau. Buying bitcoin is like investing in a game of digits using real money but behind the digits, the value is nothing,

Tsang said.

What do you think? Are the business students right with their analysis?

Jonas Borchgrevink @JonasBorch

Founder and Director of CCN.com. Passionate about how technology can empower people to create a more just and sustainable world.