You’ve read stories about celebrities, like Elon Musk and Mark Cuban, who supposedly are cashing in on Bitcoin. You’ve seen ads for companies that claim to offer a “safe and easy way” to buy it. You probably even know a few people who have dabbled in it.
But beyond the frothy headlines and its reputation as the Wild West of the monetary marketplace, crypto is slowly emerging as a viable element of many people’s long-term investment strategies. More than one in five investors with assets between $250K to $2.5M+ said they have 6% to less than 10% of their total investments in Bitcoin and crypto, according to a new survey by Wealthramp. This is even higher among Millennials, with 43% of this investor age group owning up to 10% in digital currencies.
The first thing to ask before jumping on the crypto bandwagon is, most importantly, why do you want to invest in it?
Some people own Bitcoin as a way to make a political statement. Or maybe it’s because you believe you can make a decent profit if you buy it right now. A big attraction to owning cryptocurrencies is just the fact they are new and exciting investment opportunities.
If these are your reasons, then you might want to get your feet wet as a crypto dabbler. Open an account with an online crypto exchange and fund it with “fun money” you can afford to lose.
But if you’re really…
