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Stephan Nakamura made his leap into cryptocurrency in 2017 at age 23. Having recently graduated from college, Nakamura hoped a small investment could solve his financial woes and put a dent in his student debt.

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

Link: https://www.thestar.com/business/2021/04/12/want-to-get-rich-investing-in-bitcoin-read-this-first.html

Discussion

  1. What is a good time to “invest” in bitcoin?
  2. Why do people put any money at all into bitcoin when they have absolutely no understanding of how bitcoin’s value is derived?

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