Why you should keep avoiding Bitcoin

After surging to more than $20,000 in 2017 some cryptocurrency traders began to speculate that the value of Bitcoin would reach $50,000 in 2018. This has not happened and the price of Bitcoin has in fact, declined 40% since the beginning of the year. If you had listened to these so called experts, you would have cost yourself thousands of dollars.

Bitcoin’s loss of value can be attributed to its lack of intrinsic value. Bitcoin is not a productive asset and its price depends completely on whatever speculators are willing to pay for it, on any given day.

Billionaire investor Warren Buffett has already warned on the dangers of bitcoin, stating that he is almost certain things will come to a bad ending. In my view, organisations such as Twitter have moved to block ICO advertising to protect consumers from bitcoin mania, in addition to theft from hackers, who have stolen millions from ICO offerings.

My advice?  Stick to the basics and invest in blue chip stocks over the long run, for a safe retirement Avoid the hype of Bitcoin and don’t be tempted by get rich quick schemes – if it sounds too good to be true, it probably is.

Top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool's in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool's Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand - and how quickly the share prices of these companies moves - we may be forced to remove this report.

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Motley Fool contributor Marcello Pinto has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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