Millions of Americans own crypto. You should?

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Do not buy cryptocurrencies until you have read this.

Key points

  • A Pew Research survey found that 16% of Americans have invested money in cryptocurrencies.
  • Young people are more likely than older people to invest in cryptocurrencies.
  • There are a few things to consider before deciding whether to add crypto to your portfolio.

Cryptocurrencies have become a popular investment in recent years, with millions of Americans buying virtual currencies as an investment.

In fact, according to the Pew Research Center, 16% of Americans indicated that they have personally invested money in cryptocurrencies. This includes 31% of Americans ages 18-29; 21% of people between 30 and 49 years old; 8% of people between 50 and 64 years old; and 3% of people age 65 and older.

With so many people buying Bitcoin, Ethereum, or other virtual currencies, you may be wondering if you should do the same. To decide, there are some key questions to ask yourself.

How would cryptocurrency fit into your portfolio?

Cryptocurrency is a risky investment. While it can be part of a diversified portfolio, you’ll want to make sure you have some safer, more proven investments first. If you are just starting to invest and don’t have a lot of money to put on the line, then you should probably choose stocks, mutual funds, or ETFs as your initial investment and add crypto to your portfolio later on, once you have a solid foundation of more stable investments. .

Are you comfortable with the risk that cryptocurrency presents?

As mentioned above, cryptocurrencies tend to be higher risk investments. Many currencies are highly volatile and subject to large price swings, often for reasons that cannot be predicted or understood. The price of virtual currencies can also become divorced from their underlying value due to social media hype or other factors.

If you can’t afford to lose the money you’re investing in cryptocurrencies, you probably shouldn’t buy this type of investment. Instead, you’ll want to look for more stable assets with a more predictable track record of performing well over the long term.

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Do you understand how to evaluate investments in cryptocurrencies?

You should never invest in anything you don’t understand, and that’s especially true when it comes to cryptocurrencies.

There are a lot of technical details that go into determining whether a particular coin is likely to see its value increase and whether it differs enough from many of the other coins to make it a sustainable long-term investment.

Unfortunately, many people invest in coins without understanding the technologies behind them, without knowing the basics of the coins they are buying, or without really understanding how or why a particular coin will make them money.

You don’t want to risk your hard-earned money by buying a volatile investment without the knowledge to choose the right currencies to buy, so if you’re unsure of your ability to choose a currency, you’d be happy to do so. be kept long-term, then you should probably stay away.

Remember, the fact that millions of people are investing in something doesn’t make it a good investment or an optimal choice given your investment goals and timeline. You need to do what’s right for you in the long run, instead of just jumping on the bandwagon hoping to make a quick buck.

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