Cryptocurrencies are a new and highly volatile, high-risk investment category just now, rather than a replacement for existing currencies, ABN AMRO MeesPierson

August 25, 2017: ABN AMRO MeesPierson Bank published an article where they consider cryptocurrencies to be a new and highly volatile, high-risk investment category just now, rather than a replacement for existing currencies.

For the full article please read the link below:

https://www.abnamro.com/en/newsroom/press-releases/2017/cryptocurrencies-are-a-highly-volatile-and-high-risk-investment-category.html

On IEX.nl a Dutch site where for investors, by investors there was a comparision to the tulipmania regarding the article above.

The full text is in dutch and can be found here:

https://www.iex.nl/Column/270004/Tulpenmanie-Bitcoinmanie.aspx

I short it starts by showing the reader a message back from January 31st in the year 1634. It has the content of the ABN AMRO statement translated to old dutch, and then they replaced crypto with tulip bulbs.

Then the author on IEX continues onward and states that there is nothing behind cryptocurrencies, and it therefore has no value etc. etc.

Then he also states that central banks may generate "controlled" cryptocurrencies, rendering the current ones useless. He doesn't seem to get that that is under the Bullshit category Andreas Antonopoulos is talking about in one of his great video's

I guess The author is spreading an all in verdict regarding cryptocurrencies in general while he should have been a bit more precise on what specific block chain projects he is referring to. A bit more investigation into the matter and one can find out that there are a few golden eggs in the basket which will change the world.

If you take the time and effort to learn what this is about then one could come up with better criticism than the article mentioned. Easier said than done....

I do however want to say that it is probably best to keep in mind that you can loose all your money invested. The personal gain can also be huge. Just invest a small percentage of your portfolio in crypto is my advice for the beginner. Don't use any money you cannot miss nor use money you borrowed.

My bet is that the good projects will continue to rise for a while on the long term. Beware of a correction, but even if you get hit by one, you could sit it out and prosper.