On Twitter right now, the hashtag “BitcoinIsBack” is trending as the price of the cryptocurrency has now exceeded $11,000 per Bitcoin. When the price fell from $19,000 to the $3,000 range between December 2017 and December 2018, I was hopeful that this speculative folly would be tossed into the heap for good. Now, we have to deal with the whole group of Twitter users that bought at $3,000-$5,000 in the past year and quickly doubled their money in under a year’s time.
But you know who is not getting in America’s bitcoin craze? America’s rich. Among households with over $1,000,000 in investable assets, only 3% of them own any cryptocurrencies. A little over half their wealth is in stocks, bonds, and operating businesses, a little over a quarter of it is in real estate, about five to ten percent of it is in alternative investments, and the remainder is in … Read the rest of this article!
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