95% of spot bitcoin trading volume is faked by exchanges.

Ouch!

To be exact, an analysis of the top 81 crypto exchanges discovered that while they reported an aggregated $6 BILLION in daily bitcoin volume. The study found that only $273 million of that is legitimate.

In other words, almost all of the volume was wash trading, a term that describes a person simultaneously selling or buying the same stock (or bitcoin in this case) to create the appearance of activity in the market.

In other words, it’s not real.

With all things in life, people want shortcuts to success.

They want easy riches.

And many people thought bitcoin was it.

They re-mortgaged houses, emptied 401(k)’s and even took high interest loans just to purchase bitcoin.

And the worst part?

There were even financial advisors recommending bitcoin as a retirement strategy.

It makes me queasy just to think about.

You see, when I have people come in my office and ask me timing the market, picking stocks or tell me that they expect a 12% return every year, I turn them away.

Why?

Because those things are impossible.

Markets react to news, and you can’t predict the news – meaning markets are inherently unpredictable.

No one can promise massive returns, or the fast path to riches.

But what a good financial advisor will do is help you to do the one thing no one can do for themselves: balance emotion with the logic required for long term financial success.

So regardless of whether you’re working with an advisor or managing your own money, ask yourself: are they working off logic or emotion?

All the best,
Dan Cuprill, CFP®

P.S. If you’re not confident that your money is being managed with the right balance of emotion and logic, I invite you schedule a quick 15 minute call with me by clicking here.