; 6:28; Editor's note: The estimated amount of gold left in Earth’s crust is 55,000 tons, not 55 tons as the video states. Business Insider regrets the error. https://www.youtube.com/watch?v=IBaeWBCuhyQ; A Silicon Valley Founder Shares Advice She Gives To Entrepreneurs; 0:50; Founder of Backstage Capital, Arlan Hamilton, shares the advice she gives to the entrepreneurs she invests in. https://www.youtube.com/watch?v=vI-zJ8bTK0A; How Warren Buffett Makes And Spends His Billions; 5:10; Warren Buffett is the third richest person in the world, but he lives a modest life. He drinks five cokes a day and even eats McDonald's for breakfast. The CEO and chairman of Berkshire Hathaway donates billions to charities. He still lives in the house he bought in the 1950s, which is now worth over $652,000. [Cryptocurrency] https://www.youtube.com/watch?v=_v439vNdsC4; Why central banks are experimenting with blockchain; 2:44; Business Insider spoke to economist Garrick Hileman, from the University of Cambridge, about central banks experimenting with blockchain technology. https://www.youtube.com/watch?v=C9rbAUBePHc; Richard Sherman Is All-In On Cryptocurrencies, But Doesn’t Think His Grandmother Should Invest; 5:06; NFL cornerback Richard Sherman is a paid spokesperson for COBINHOOD, a cryptocurrency exchange with no trading fees. But Sherman's involvement with cryptocurrency started years ago when he started accepting bitcoin for merchandise on his website. Sherman sat down with Business Insider's Sara Silverstein to discuss his view of cryptocurrency. https://www.youtube.com/watch?v=U-Trs5DgJgY; Should You Buy Bitcoin?; 2:25; Bitcoin has been soaring in value at times, but crashing at others. Lauren Lyons Cole, a certified financial planner and senior editor at Business Insider, explains the risks of investing in cryptocurrency. Following is a full transcript of the video.
Lauren Lyons Cole: I'm Lauren Lyons Cole. I'm a certified financial planner and a senior editor here at Business Insider.
Bitcoin isn't new, but in 2017 it was all the rage. Starting out in January around a $1,000 and climbing to $20,000 in one year is enough to make anyone take a second look at bitcoin.
But here's the thing about bitcoin, it reveals a very basic investing principle that we all fall prey to and that's that investors tend to be irrational. When bitcoin is sailing high, everyone wants to buy in. But as soon as it starts crashing, people freak out and they start selling. Successful investors buy low and sell high, but our natural instinct is to feel more comfortable buying when things are good and more comfortable selling when things are bad.
If you're new to the bitcoin craze and you're thinking about investing, the first thing you have to do is figure out what it is. If you can't explain what bitcoin is to your mom or your neighbor and why you're investing in it and why you think it's a good investment, then it's too soon for you to put your money in.