Todd’s Take: I’m Now On the Crypto Currency Train – Are You?
Recently, there was quite a buzz about the stock price of video game retailer GameStop being manipulated by a band of internet traders. It was very difficult to understand unless you have a degree in finance but that didn't stop many novices from jumping in and trying to capitalize on the craze to try and make a quick buck.
I heard friends of mine suddenly begin discussing how they had downloaded the popular Robin Hood app for mobile investment purposes. I was a bit more skittish as I'm not quite brave enough to dive-in head first with my money for something I know little or nothing about.
That said, I have recently joined the "crypto revolution" and started investing in crypto currencies like Bitcoin (BTC), LiteCoin (LTC) and Ethereum (ETH). I downloaded the popular Coinbase "wallet" and began purchasing these "altcoins" about two months ago. While I am still "small potatoes" comparatively, it has, already, been a wild ride watching the fluctuation of the values of these decentralized means of exchange on a minute-by-minute basis!
Since its invention, the value of Bitcoin has skyrocketed. Even in the last month alone, the price for a single bitcoin has gone from around $32,000 to nearly $50,000! For me, I'm not investing in it as a get-rich-quick plan but rather as a hedge against the U.S. dollar which is, also, not backed by any inherent storehouse of value and is artificially manipulated by the Federal Reserve Bank. Should the USD become hyper-inflated, I want to be diversified so I also invest in "hard" money like silver rounds, bars and coins.
I want to know more about crypto and also mutual funds which is why I am currently reading these two books pictured.
Are you investing in crypto currencies? How's it going for you? Any tips or pitfalls that you think I should know about? Let me know and send a message via our free mobile app!
Rock on and, in the words of the orator of our time, Marshawn Lynch, "mind yo chicken!" \m/ \m/
Todd E. Lyons, Esquire
Now, let's take a look at some people who know a little bit more about wealth building than I ever will!