Cryptocurrency has only been around for a little more than a decade with the advent of Bitcoin in 2009. Since then, the range of options to invest in digital coins and non-fungible tokens (NFT) has exploded. Crypto has its advocates saying its a great investment, and detractors who liken it to gambling or a Ponzi scheme.
The extremely volatile digital assets have been on a rollercoaster ride since just prior to the onset of the covid-19 pandemic with values soaring only to plummet just as fast. The crypto market capitalization has lost over two thirds of its value since it peaked over $2.9 trillion in November 2021. It should go without saying then that anyone planning on investing in Bitcoin or other digital assets should keep in mind their risk tolerance, financial health and whether their mental health can handle the whiplash of cryptocurrency swings.
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Experts who are for investing in cryptocurrency advise caution
You’ve probably been on the internet and seen ads touting the tremendous gains that can be made with digital assets or even received a cold call to convince you to jump in. An advocate for investing in crypto, Patrick Moore, of CryptoWhat told GOBankingRates, “Crazy profits have been made just about as much as losses in the industry.”
“As a crypto expert, I wouldn’t advise anyone, least of all someone looking to dabble in the industry to sink their life’s savings in crypto,” Moore said. “5% of your investments would be great, but not all…
