Grant Sabatier is the founder of Millennial Money - a blog about personal finance, side jobs, and investing. He achieved financial independence by the age of 30, then quickly became a Bitcoin millionaire when the price of this cryptocurrency surged in 2017. However, surprisingly, Grant Sabatier advises everyone not to buy Bitcoin.

The content shared by CNBC:

"For the first time in 2013, I spent $5,000 to buy Bitcoin when it was priced at $72. I learned about it in 2011 but only later, after watching a documentary, did I explore cryptocurrency forums and decide to invest.

My decision at that time was long-term investment. I used nearly 1% of my assets to buy Bitcoin with the goal of making money. That amount is quite small, so if I lost it all, my life wouldn't be turned upside down.

By 2017, Bitcoin reached up to $18,000 at one point. This means the bitcoins I hold were worth over $1.1 million. I worked for 5 years to earn over $1 million through saving and investing in the stock market. But with Bitcoin, I made that amount in less than a year. This is the easiest way to make money I've ever done.

However, I still do not advise you to invest in Bitcoin at this time.

On my personal blog, I received over 100 emails from readers asking about investing in Bitcoin and other cryptocurrencies. One person even told me that he put all his savings into Bitcoin.

I also received an email from a 22-year-old guy. He has $5,000 and asked if he should choose Bitcoin as his first investment. That idea is also crazy!

Here Are The Reasons Why You Shouldn't Do That:

Cannot Truly Value Bitcoin

Bitcoin is creating a global frenzy. Because too many people are buying it, and buying very quickly, you cannot accurately assess its value.

Anything that fluctuates by 20 - 30% in a day is obviously unstable. You can lose all your money. With large fluctuations in the short term, this is exactly a gamble, not an investment.

Bitcoin May Have No Value

The value behind Bitcoin is blockchain technology, which can easily be replicated by other cryptocurrencies. Many cryptocurrencies that emerged later have better systems and are easier to use.

Frequent trading also causes the systems of exchanges to malfunction. Some exchanges had to announce that it would take 10 days to complete a transaction.

Most people do not rely on the value of the technology but follow the crowd. This is gambling, not investing.

Bitcoin Is Not Safe

Hacking of exchanges and e-wallets happens very frequently. Large exchanges like Coinbase can still be hacked. No agency guarantees your Bitcoin, so if lost, it will be very difficult to recover.

If you decide to buy Bitcoin, do it responsibly. Don’t spend more than 1% of your assets and be honest with yourself that Bitcoin is a gamble, not an investment. It is extremely risky, and there are many better channels out there, both in the short and long term.