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While cryptocurrency is booming, what are the associated risks? What you need to know
While some financial experts believe cryptocurrencies are a hot trend, they remain extremely risky.
Is the physical dollar on the verge of extinction? Cryptocurrency has been around for years and is now more accessible to the general public. Here are some points to consider before making an investment.
"I believe that because it is more public, it will attract more people. It gives people the impression that there is less of a risk "Riverside resident Dorian Perkins was in Los Angeles for the L.A. Auto Show.
Brian Gilder, a Beverly Hills financial expert who advises clients on a variety of investments, believes that while cryptocurrencies are a hot trend, they remain quite risky.
"It's a young currency that is still developing its fundamentals, and when you combine the two, you get volatility," he explained.
Ethereum, Dogecoin, and Bitcoin are a few of the cryptocurrency players. Bitcoin's value has fluctuated between $17,000 and $64,000 in the last year.
However, some continue to harbour mixed emotions.
"I heard about it," said Derek Cotton, a Los Angeles resident. "I have not yet made an investment in it. I'm not entirely confident in it yet."
The dollar, the world's premier currency, is stable and backed by the US. Cryptocurrency, on the other hand, exists unregulated on computers and is not backed by any government or authority.
"I believe it absolutely must be regulated," Gilder stated. "I believe that would help reduce currency volatility, but there is currently no regulation."
The latest indication of its growing popularity is the rebranding of the former Staples Center as Crypto.com Arena.
"It makes business sense," Cotton stated. "If you're a cryptocurrency and want to gain some traction, there's nothing better than being on everyone's lips."
Odell Beckham Jr. of the Los Angeles Rams capitalised on the cryptocurrency trend by electing to take his entire salary in Bitcoin. Gilder does not recommend this, but believes that if individuals wish to invest in cryptocurrency, that is acceptable.
"Also be aware of the risks you're taking," he added. "This is an aggressive growth investment, and as long as you understand that and can sleep at night, having a small portion of your portfolio in it is acceptable."
Perkins stated that is precisely what he is doing.
"I mean, I do have some experience with cryptocurrency, and I'm going along to see how it goes," he explained.
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By Crypto PiratesWhile some financial experts believe cryptocurrencies are a hot trend, they remain extremely risky.
Is the physical dollar on the verge of extinction? Cryptocurrency has been around for years and is now more accessible to the general public. Here are some points to consider before making an investment.
"I believe that because it is more public, it will attract more people. It gives people the impression that there is less of a risk "Riverside resident Dorian Perkins was in Los Angeles for the L.A. Auto Show.
Brian Gilder, a Beverly Hills financial expert who advises clients on a variety of investments, believes that while cryptocurrencies are a hot trend, they remain quite risky.
"It's a young currency that is still developing its fundamentals, and when you combine the two, you get volatility," he explained.
Ethereum, Dogecoin, and Bitcoin are a few of the cryptocurrency players. Bitcoin's value has fluctuated between $17,000 and $64,000 in the last year.
However, some continue to harbour mixed emotions.
"I heard about it," said Derek Cotton, a Los Angeles resident. "I have not yet made an investment in it. I'm not entirely confident in it yet."
The dollar, the world's premier currency, is stable and backed by the US. Cryptocurrency, on the other hand, exists unregulated on computers and is not backed by any government or authority.
"I believe it absolutely must be regulated," Gilder stated. "I believe that would help reduce currency volatility, but there is currently no regulation."
The latest indication of its growing popularity is the rebranding of the former Staples Center as Crypto.com Arena.
"It makes business sense," Cotton stated. "If you're a cryptocurrency and want to gain some traction, there's nothing better than being on everyone's lips."
Odell Beckham Jr. of the Los Angeles Rams capitalised on the cryptocurrency trend by electing to take his entire salary in Bitcoin. Gilder does not recommend this, but believes that if individuals wish to invest in cryptocurrency, that is acceptable.
"Also be aware of the risks you're taking," he added. "This is an aggressive growth investment, and as long as you understand that and can sleep at night, having a small portion of your portfolio in it is acceptable."
Perkins stated that is precisely what he is doing.
"I mean, I do have some experience with cryptocurrency, and I'm going along to see how it goes," he explained.
Support us!