With all the media hype, investing in cryptocurrencies like Dogecoin and Bitcoin can be tempting. We hear so many success stories of people being rich after buying in, but that’s all we hear! Often times, these stories are only possible because the investor got lucky. They bought in at exactly the right time for them […]
With all the media hype, investing in cryptocurrencies like Dogecoin and Bitcoin can be tempting. We hear so many success stories of people being rich after buying in, but that’s all we hear! Often times, these stories are only possible because the investor got lucky. They bought in at exactly the right time for them to get rich off of it and sold it before they lost any money! We don’t often hear of people losing money because that’s much harder to admit. So why do I think investing in crypto may not be the best idea? Let’s talk through it.
The price of most cryptocurrencies is driven by media hype. Do you see what I’m saying? A tweet shouldn’t have the power to move your portfolio investment, growth and earnings should! In this case, you aren’t buying into a company with earnings.
Crypto is being labeled the currency of the future and thats great! But in order fo that to happen there must be stability in the form of payment. What would happen to retailers who accepted crypto is the price were to suddenly drop? They would lose any income they had in crypto form.
My Overall Thoughts
I believe that at the end of the day, you should invest in what you know, what you use, and what you believe in. I personally dont understand using bitcoin unless the price is about to drop and it will save you money, but to each their own!
Just remember than when investing in cryptocurrency, it’s important to do your research! Creating consistency is another helpful took when investing. Stick to a plan of buying low and selling high and watch your investments grow!
To rescue the chance of losing money on your investment, I recommend starting with a core investment strategy made of stable stocks that you are confident would be safe investments. When you’re comfortable, start adding in crypto and other more risky investments.
The average investor has already been burned by crypto prices, so no more. Create a stable investing plan and dive right in – have fun with it! But watch out for the media hype and don’t buy in when the prices are highest! Wait until it comes down.
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