Russian Auditing Firm FinExpertiza Labels Bitcoin as the Worst Investment Of 2018
As the year is coming to a close we are bombarded with year-end lists that try to sum up the entire year through it. In one such attempt, FinExpertiza, a network of Russian auditing and consulting firms had labeled Bitcoin as the worst investment of 2018.
FinExpertiza’s research saw it look into 14 different financial instruments and analyze what would’ve happened to a 300,000 ruble ($4,330) investment into each one of them this year. If the money was invested in bitcoin, the researchers noted, it would have dropped by over 72.2%, as 213,000 rubles ($3,000) would’ve been lost. On the other hand, if the funds were invested into palladium, the 300,000 ruble investment would’ve increased by 30,000 rubles ($433), or little over 10%.
FinExpertiza — is a network of professional audit, valuation and consulting firms that are independent legal entities and included into the network to combine their efforts for providing high-quality services for customers from other countries. They are the first Russian network to join the Forum of Firms (an association that unites the largest international audit networks). Membership in the Forum of Firms is open for firms that promote the consistent application of high-quality audit practices and standards worldwide and support the convergence of national audit standards with the International Standards on Auditing (ISAs).
The most profitable investment of the outgoing year, according to FinExpertiza analysis, was palladium. The price of the precious metal has been hitting record highs lately, making it the best performer among major metals. With the 300,000 rubles invested, purchasers would have increased their capital by 30,000 rubles ($433), or 10.2 percent, by the end of the year.
“And if we look in retrospect, for example of two years, we will see that palladium, in general, has become the only metal with a positive return,”
Nina Kozlova, general director of FinExpertiza.