Celebrities Under ICO Litigation as Bitcoin hits 52 Week Lows

Published on: 30 Nov, 2018

Like many, we have thought about or were hesitant about investing in Bitcoin during its rally last year. By now most have already forgotten or given up on the idea as a whole. Who blames you? According to Coindesk, Bitcoin hit USD 20,000 at its all time high in December 2017 and is now trading at around USD 4,000.

Most Crypto investors are now trying to figure out how the future outlook of cryptocurrency with unfold. Nasdaq has plans to launch Bitcoin futures early next year while the US Justice Department are investigating if last years boom was because of market manipulation.

On Thursday, music producer DJ Khaled and championship boxer Floyd Mayweather Jr. were charged by the SEC with promoting investments in ICOs without revealing that they'd been paid to promote. This is the first time the SEC has brought charges against individuals for promoting ICOs and both Khaled and Mayweather have already settled with the SEC and agreed not to promote any securities, even digital ones for 2 and 3 years, respectively. They also agreed to give back the money they were paid to the SEC and pay penalties with interest.

Regardless of celebrity pumps the point is that Crypto investors should be prepared to lose their entire investment. "You need to invest with two attitudes: that you're going to hold it for years, even decades and that volatility is an inherent element of the asset." according to Edelman Financial Services, Ric Edelman.

Those who did not invest during the crypto gold rush last year and were just watching the hype should cautiously consider get in now as Bitcoin reaches its low. "People were thrilled to buy bitcoin at USD 19,000 last year," Edelman said. "Those same people don't want to buy bitcoin at USD 4,000." “Buy low and sell high” is a simple fact of successful investing but still many tend to do the opposite.

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