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2020 ushered in an entirely new digital era for the modern global economy. A few years back, we saw Bitcoin balloon to nearly $20,000 before it crashed due to a myriad of factors. Now, with billionaire backing and more sustainability the cryptocurrency has skyrocketed to nearly $70,000 in total worth. Not only that, but this decentralized system of currency has put Coinbase (crypto wallet) on the map as it became a publicly traded IPO just months ago.
Now, you’re probably thinking hold up - what does all this mean and how can I get a piece of the pie - right? Well, we are going to break it down for you.
The best two platforms for obtaining cryptocurrencies are Coinbase and Binance. The top three major coins are Bitcoin, Ethereum and Dogecoin. With cryptocurrencies, there have been new tokens that saturate the market and pop up every day. Also, there has been a surge in NFT activity - NFT = non-fungible token.
That’s a whole lot of mumbo jumbo when it comes to cold hard cash. Look at it this way - the future is here and it was only a matter of time before disruptors like Elon Musk were going to penetrate the ancient system of currency.
The Dogecoin started as a joke earlier this year, when redditors drove the stock price of dying brick and mortar stores Gamestop and AMC through the roof. Elon Musk started the dogecoin based upon the “Doge” meme but it has now been rather successful. Look for Musk to continue to launch coins such as SafeMoon in efforts to get his Tesla rover to land safely on the moon.
As far as the rest of us are concerned - cryptocurrencies are volatile. Placing any amount of money in the market is much like gambling because of the sheer unpredictability. Some people chalk it up to their financial advisors and let those guys handle the stock activity as it can get rather tricky. The bottom line is - do not invest any amount of money into cryptocurrencies that you are not willing to lose.
Stay tuned as the Bitcoin bubble continues to expand and new ways of investments are popping up daily. For all things business, keep it locked WRIGHT here.
Ian Romaker