Local Baby Boomer and self-taught property investor Barry “The Landlord” Roberts has today told his five disinterested children that they should avoid putting their money into Bitcoin, warning them that the crypto currency shows clears signs of a bubble. “These people buying up all these Bitcoins are idiots,” insisted Barry, “anyone with eyes can see that with prices escalating so fast that it must be in a bubble. No, if you’re smart and savy investors, you kids should all invest your life savings into Sydney property – like I did.”
“Unlike Bitcoin,” continued Barry “which has obviously been gaining value so rapidly that it’s simply unsustainable in the long term, property is something which people have endless reserves of cash to pay for, which is what makes it a great investment. And what’s more, if you don’t have the money, any bank worth it’s salt would be happy to lend all you young whipper snappers a few million dollars to help you get up on that ladder. Then all you have to do is spend the next fifty years paying off the interest and avoiding coffee or avocados, safe in the knowledge that housing prices never, ever go down.”
“I mean sure, house prices might have crashed in the past in Ireland, America, Japan, Shanghai, the UK, Denmark, Poland, Spain, Lebanon, India, Bulgaria, Romania, Thailand, Germany, Portugal, Luxembourg, Italy, Turkey and New Zealand. But it could never happen here.”
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