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Thought for Your Penny Is it too late to invest in Cryptocurrency? - Thought for Your Penny

Is it too late to invest in Cryptocurrency?

azmikversable

Is it too late to invest in Cryptocurrency?

It’s never too late to invest in cryptocurrency. I’ve been using crypto for the past decade and watching the industry grow.

The biggest problem for crypto is mainstream adoption, and there have been major steps in the right direction in the last few years.

Elon Musk and Mark Cuban’s love affair with Dogecoin is stupid, but banks like USAA and fintech apps like PayPal supporting crypto is major.

Everybody is putting 1–10 percent of their net worth into crypto these days, depending on their own investment strategies. Ignoring crypto is not a good idea, but it’s also not the end all investment.

When the pandemic hit, I certainly was surprised at how much some of my crypto assets skyrocketed. I sold free DOGE I had been given for free for 100x returns in under a year. I sold at $.08 and could’ve added another 0 to my return had I believed that joke coin could possibly reach towards $1 the way it did.

WallStreetBets, Twitter, and Discord are really making waves in the market by empowering retail investors to act in sync like a single whale.

I made money on Bitcoin and Ethereum twice already, and I’m far from the only one.

I regularly attend business conferences, especially CES. Watching crypto and blockchain grow in relation to the tech industry at that event alone was an experience.

The biggest splash I saw was in 2019, when Archos, Pundi X, Ledger, and about a half dozen other crypto and blockchain projects were presenting on the show floor and events like CES Unveiled.

You could tell Crypto was new money – while tech giants like Google and Samsung plastered downtown Las Vegas and the strip with marketing materials, the crypto guys like Brock Pierce filled Mike Tyson’s mansion with their lambos like lottery millionaires and billionaires who don’t know how to spend their money.

It was tacky, pointless, and a red flag towards the ultimate weakness of this entire industry.

Not all of my crypto assets benefitted from the pandemic spikes though. Steem and Steem dollars remained flat, and any work I put into steem.itand D.tube are about as worthwhile as the time I put into Bitclout so far.

There are thousands of cryptocurrencies these days, along with infinitely more tokens, smart contracts, NFTs, creator coins, blockchain projects, digital ledger technologies, and more.

I researched the top 150 crypto projects from 2017-now. There’s been a lot of change in those 5 years, and a lot more is coming.

But like the Dotcom bubble at the end of the 20th century, not all crypto and blockchain projects will succeed. A lot of people will lose a lot of money in the process.

Look at Ethereum – It has a lot of potential, but that’s been true for the better part of a decade, and it has yet to reach even a fraction of that potential.

Ethereum has a great roadmap, but it can’t justify its current price.

Bitcoins will always be the apex crypto in my lifetime, and I would recommend buying some. If you want to hedge against deflation, you can use stablecoins.

Don’t keep your crypto in exchange wallets. There’s an entire industry of physical crypto products I collected over the years while working as a crypto journalist.

Some of these are just for show, while others hold actual crypto assets or keys.

If you do invest in crypto, the biggest concern you should have is how to account for those assets in the event you should die. It happens to everyone at one point or another in our lives, and what is your family going to do if they can’t recover your crypto?

Make sure you account for that, because I’ve seen a lot of people lose a lot of money by not providing their family the keys.