“Good, bad or indifferent, if you are not investing in new technology, you are going to be left behind.” – Philip Green
If you’re new to this concept of “cryptocurrency” like me, cryptocurrency, in essence, is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Anyone with the internet and a television had heard about bitcoin. Their friends, colleagues, and everyone else have been talking about whether or not 1 bitcoin will reach $100,000 in the near future. You have either heard stories about people who bought a ton of bitcoins years ago and stumbled upon them when they heard about how much bitcoin was increasing; or about people who wanted to buy bitcoin but think it’s too expensive now.
Well, let me tell you, if you think bitcoin is too expensive for you now, you will be shocked at how “expensive” it will be even a year from now. From one coin being worth barely a dollar in 2011 to one coin being worth nearly $4,000USD, bitcoin still has more to give.
Bitcoin, in particular, was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto and was released to the public in 2009. That is literally the tip of the iceberg. As I type this up, I have just picked up The Age of Cryptocurrency from Indigo so I will have more to say in the near future.
In doing research, there are websites where you can buy watches and homes with bitcoin. As a matter of fact, at my place of employment, a guest informed me that a friend of his bought a house with bitcoin and accidentally overpaid so the persons selling the home had to refund him $200,000!
Granted, the future of bitcoin is speculated, but from how countries are integrating it, I see a BRIGHT and ABUNDANT future for it.
Those who bought bitcoin when they were worth nothing are MILLIONAIRES now. With a limited amount of bitcoins at 21 million, unlike fiat quantitative easing, when they run out, they’re done. Therefore, prices will skyrocket.
(Take a moment to laugh at this comic)
If you have some money to play with and don’t mind sitting on for a couple years, I recommend you buy some. I’m no professional, but I’ve bought Bitcoin and Litecoin for the past month and it has grown EXPONENTIALLY.
I’m still learning about cryptocurrency so in the near future, you may see a more detailed opinion on it. But for the time being, I’ll be stacking my coins like I’ve been doing for precious metals.
FYI…I still think physical gold and silver trump any currency. If the internet were to end and you owned 100 bitcoins, you would then be poor. Physical silver and gold will still be there.
If you are willing to take some risk, join the club and open a wallet with Coinbase. Maybe we will run into each other buying Lamborghini’s in a couple years 😉
Until next time,
Live Long and Prosperous.
Value Investing Millennial Jahnome McEwan provides FIFTY tips for Young Adults looking to build wealth from now. If working a 9-5 until retirement twists your stomach, Jahnome has a way to get you out of it!
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