By Patrick Lowry, CEO, Iconic HoldingIn the past week, I have had a few dozen personal contacts, mostly friends or drinking buddies, reach out to me to ask about Bitcoin. They want to know what it is, how and where they can buy it, and I even had one ask me \u201cwhat does the $15K, $16K, or $100K mean?\u201d Once I was finished shaking my head in disbelief, I realized that most retail investors still truly do not understand what Bitcoin is or what its value drivers are. While financial institutions and publicly listed companies, such as Michael Saylor\u2019s MicroStrategy, have grasped Bitcoin and invested billions in it, common investors seemingly lack the necessary resources or information to truly understand Bitcoin.My colleagues have already written about Bitcoin extensively, so rather than go over Bitcoin facts or show the impact Bitcoin has when included in a standard investment portfolio, or even how to invest in crypto, I want to focus on dispelling the many misconceptions people have about Bitcoin. Unfortunately, there is a ton of misinformation surrounding the flagship of crypto and enough #FakeNews to make a politician green with envy. I will address the most common myths I hear directly, and in doing so, hopefully, convince you to research Bitcoin on your own a bit further and take the plunge!This is the critique of Bitcoin I easily hear the most. While Bitcoin was designed as a P2P e-cash, it is true that it does not have the backing of a government, central bank, or FDIC insurance. Frankly, this is the beauty of Bitcoin because no central party can unilaterally print endless money, devaluing its own currency like central banks have done in trillions this year to combat COVID. This point notwithstanding, the only true value of money is the trust\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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