Investing in cryptocurrency (Financial Safari)
Cryptocurrency is incredibly popular right now. America's Wealth Coach Pete D'arruda shares his views Crypto and how he recommends investing in it.
and greed is what gets more people in more trouble. Greed is when you over pay when you hear about the neighbor making a lot of money. So you try to run into Bitcoin and you buy it at the high. And also that tumbles after that. And so earlier this year in January, I was watching like early January was watching Bitcoin, and it was in one weekend. It went from, like 20,000 up to 33,000, almost 34,000 for one coin. Now you don't. There's no such thing as a coin, though. It's electronic coin, so you don't even get a hold of coin for it. So it's like on your computer, and then overnight it went from, like 34,000 down to 31,000. So if you paid 34,000 for one coin and then you went to bed and woke up, it's only worth 31,000. That's that's a big that's a big difference. And so we just need to be careful. Nothing wrong with speculating, but only with money we can afford to lose and to me, and I bought some ethereum in April of 2020 at $200 a coin. Ethereum is a competitor, a Bitcoin or another one of those in the Blockchain. We'll talk about Blockchain a minute to I think Blockchain is a good thing. But Ethereum went from 202,000. In that same time, Bitcoin was going up. So that's a pretty big percentage to know. I only I only bought like three of them. So because I didn't know what I was doing, I want to get let me get some of this theory and everyone's talking about clunking overpaid for Bitcoin. I should have because Bitcoin was like 4000 at the time, so I would have gone from 4000 to 34,000. I've been very happy and I would've dragged everybody about how smart I was, but I didn't know what I was doing So again, I took money that, like, $500 or so 600 bucks, I really could afford to lose that. And I bought a couple or three of those Ethereum. So don't go wild folks with this Bitcoin mania. Gosh, I remember hearing about it. I had a little tech guy who worked in the studio in 2009 with me, and he started telling about this Bitcoin. It was worth $300 a coin, and he had a buddy who got in at, like a penny. I wish you would've told me So where were you when it was a penny? I would have bought probably about $1000 worth of that, but it's it's almost well, it's too late, in my opinion. But it could go. This article's coming out saying to go to 300,000 coin or whatever, Who knows? I don't know. You don't know. Most people writing articles don't know. So be very careful, folks. And if you want to speculate a little bit, do that. But do not take money out of your retirement plan and put it in there, in my opinion, and so this is an investment city. It's whatever you feel good with. But what I say is, let's not put ourselves in a bad place by over paying for something that we have no idea of, and most people I talk to don't understand. Sure, a lot of people, I think we'll get caught up in the hype and the excitement and they want to do it because their friends are doing it. But they don't really know what it's all about. Well, I don't even own any Bitcoin, but I watch it on my phone every single day. So there's a little app where you every single minute you can watch it. And here's another thing about this exchange where the Bitcoin is traded on its 24 73 65. It never closes, at least with the stock market. If your if your stocks getting beat up at four o'clock, the market closes the next day. Maybe people forgot it was getting beat up and it might recover. But the Bitcoin is constant is sort of like trading currency, which is another one of those 24 73 65 exchanges. So be very careful. Don't get wild, but if you want to buy a couple by a couple but don't take money, you can't afford to lose by sure, absolutely mhm.