Experts weigh in on cryptocurrency vs. traditional investments
Speculation vs. investment is critical question for some.
InvestigateTV - Cryptocurrency and NFTs have made headlines the past few weeks with wild swings in value, but before jumping in, experts said education in their markets is key.
The prices of Bitcoin and other cryptocurrencies have surged in past years, but according to the S&P Bitcoin Index, the price of Bitcoin is down 66% over last year.
Experts like Michael Joyce with the financial firm Agili said it’s so important that if you are planning to invest in the hot new trend, you go in with your eyes wide open.
A lot of this is high risk, maybe high reward. Joyce said it’s important to invest in what you know.
“When people are looking at these types of investments, it’s because everybody’s talking about them. So, they really need to think about the difference between speculation and investing,” he said. “And as far as I can see, what’s really moved cryptocurrencies and NFT prices has just been speculation.”
Joyce advised the alternative to crypto are the more traditional choices for first-time investors: stocks, bonds, CDs, and of course a 401(k).
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