Cryptocurrencies are becoming one of the go-to investments of today

Tom Handy

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Photo by Kanchanara on Unsplash

After COVID, inflation, and now Russia, these factors didn't waste any time beating down your door. Each of these brought different results and they are hard to escape. However, some people have quietly increased their wealth to become rich.

Your financial advisor won't tell you this since they are sworn to secrecy since they are bound by the U.S. Investment Advisors Act of 1940. So don't try to ask them to spill the beans that are going on right before your eyes.

Over the last decade or so, several people have become millionaires and billionaires. That is fast and the funny thing is there was no lottery ticket involved.

They made a calculated risk and some just by pure luck found the genie in the bottle that is reaping rewards for them today.

What am I referring to?

Well, it's the world of Bitcoin and cryptocurrencies that recently have been recognized by financial institutions as the new player on the block. Yes, these agencies are a little slow and there has been a lot of pushback from people who want you to invest in the stock market with the declining dollar.

Sure, some stocks will do well. But there is always the chance of a market crash in today's market.

This lead me to invest 90% of my money in cryptocurrencies for the past four years. 

Since Barack Obama was in office, I thought the stock market was overvalued.

Then I expected a crash when Donald Trump took office but it was delayed until COVID found the entry point for the market amidst the doom and gloom.

After Bitcoin reached its previous all-time high in 2017 of $19,345, there were a lot of naysayers who thought Bitcoin was going to zero. If you listened to them, then you missed out on seeing Bitcoin rise in 2021 when the price reached $68,789 in November.

Now, with inflation hurting everyone's pocket, Russia decides to go to war with Ukraine. This is only going to make the economy worse for you and me.

- Gas prices are going to trickle higher.

- You may see more scammers attempt to filtrate your technology.

- Then the demand for microchips is only going to get worse since Ukraine provides a neon gas needed for the production.

Now, Bitcoin may fall like the rest of the stock market, or Bitcoin can fight through and try to prove its value. That is why this cryptocurrency was created. The goal was to offer you an alternative to fiat currency.

Forbes and Investopedia count seven people who became billionaires last year. This does not include Elon Musk who was already a billionaire before he bought Bitcoin.

This list includes:

  • Sam Bankman-Fried created the FTX cryptocurrency platform
  • Brian Armstrong founded Coinbase
  • Chris Larson co-founded the Ripple cryptocurrency
  • Twins Cameron and Tyler Winklevoss co-founded the Gemini cryptocurrency platform after winning the lawsuit against Mark Zuckerburg
  • Fred Ersham co-founded Coinbase with Brian Armstrong but left the company to found his own company
  • Jed McCaleb co-founded cryptocurrencies Ripple and Stellar
  • Barry Silbert is the CEO and founder of Digital Currency Group

Then according to DeCrypto, 100,000 people became millionaires through cryptocurrencies.

All of this happened since 2009 when Bitcoin was created by Satoshi Nakamota.

The cryptocurrency market is looking for more people to join these groups of wealthy individuals. 

Ignore the news to become rich

It has been a rough start of the year for investors. Inflation is kicking in and now the Russia - Ukraine War is making things worse. This spooked the markets.

Cryptocurrencies have traded sideways this year causing fear settling in among some investors.

But, there appears to be hope for those who believe in this market.

Lately, the Fear and Greed Index has improved. It's a new month and there is a lot of hope the bull run will continue.

Not too long ago, the Fear and Greed Index are 24, heavy on the Fear side.

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Screenshot from Twitter

A lot of patience is required if you want to see your Bitcoin, Ethereum, or another cryptocurrency make some noise.

It's time to think smart and remember your investing goal. There will be ups and downs in the market.

Be patient, build up your cash, and make smart decisions when you buy.

What were the last cryptocurrencies you bought?

This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.

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