Nonetheless, cryptocurrencies are highly volatile and traders can end up losing all of their money. In the last few days, the Bank of England warned cryptocurrency traders that they might lose all their money. Additionally, several traders warned of a bubble potential of Dogecoin.
“My guess is that [the rally] won’t last, especially for something like dogecoin which was never meant to be a payment system or a store of value,” Adam Zadikoff, chief operating officer at BRD, a popular crypto wallet that boasts more than 7 million users, told CNBC Make It last month. “Yes, you can make a quick buck if you time it right. But timing the market is a terrible thing to try to do. It does not work.”
“You see the power in social media to move people to do something en masse,” Zadikoff says of dogecoin. “This is the flash-in-a-pan thing that people are getting behind right now.”
