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Looking further forward from beyond today’s meeting, the old adage of “Don’t Fight the Fed” still holds true, and despite the more bullish outcome being chosen today (a 75-bp hike rather than a 100-bp hike), the result for financial market conditions is still net tightening, which will likely take some time to be felt by markets.
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“The Fed would not hesitate on a larger move if need.”.
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In September 2017, China cracked down on cryptocurrencies after the People’s Bank of China said trading could pose major financial risks to the country. Lee’s company, BTC China, was the first Bitcoin trading platform in China. While the currency is now being embraced globally, some countries, including China, have cracked down on it by closing Bitcoin exchanges. Whereas purchasing a house or car requires ownership under identity, obtaining Bitcoin does not due to its encryption. Thirdly, it’s an asset that is untraceable to the owner. This means owners of bitcoins can move it around as they please. It was also unique in that for the first time the world has a currency that is “not organised or controlled by any single entity, individual or government”. Its secretive founder, Satoshi Nakamoto – probably a pseudonym – imposed a limit that means only 21 million bitcoins will ever be mined. Lee explained that the cryptocurrency – so called because it is encrypted when units of it are transacted or “mined” – has introduced three new concepts to the world and society, the first being that it is the only currency to have a limited supply. Although a small number of businesses are beginning to accept the digital currency, it still cannot be used, for example, to buy a cup of coffee or groceries due to its exceptionally high value. Such a young currency is prone to volatility, he said, so hanging on to it through thick and thin will produce yields.ĭespite the mountain of publicity around the cryptocurrency in recent months, during which its value soared to almost US$20,000 then settled back down just over US$15,000 at the time of writing, there remains uncertainty over whether it can actually be used to make everyday purchases. Lee also advised buyers not to sell during a panic crash. Long-term gain is worth waiting for, he said. He cited his own experience, when in 2011 he heard about Bitcoin but decided against investing until a few years later, by which time its value had massively increased.Īnother common mistake when investing in Bitcoin was selling the moment it made a small gain – and by small Lee was talking about up to 300%, which, when looked at in the context of the currency’s performance in the last year alone is a drop in the ocean. Lee, owner of cryptocurrency exchange BTCC, pointed out that the longer procrastinators hesitated in buying Bitcoin, the more it increased in value. Photo: Sarah Graham/FCCīobby Lee revealed four common mistakes when buying the currency when he spoke to a packed first floor at the FCC on January 3. Bobby Lee, Co-Founder and CEO, BTCC, gives his tips for investing in Bitcoin.