In 2018, I did something that would make cautious investors cringe: With almost no savings to my name, I bought cryptocurrency.
I don’t need to tell you that when you’re low on cash, whether you’ve got debt or are in your first job after university as I was, a get-rich-quick scheme is always more attractive than a solid, boring investment.
Reader, I did not get rich quick, or at all. Sure, the small amount of XRP, or Ripple, I bought in 2018 recently more than tripled its value, after several years of ups and downs. But triple a very small amount of money is still quite a small amount of money.
Today, I no longer see cryptocurrency as my lottery ticket to financial freedom. Instead, cryptocurrency is my “fun” fund, a way to play around with what many are saying will be the future of finance and develop a stomach of steel for investment volatility, while I build up my solid, boring investments in significantly less risky picks.
Source: Toronto Star
Date: April 12th, 2021
- What is a good time to “invest” in bitcoin?
- Why do people put any money at all into bitcoin when they have absolutely no understanding of how bitcoin’s value is derived?