I have been wanting to invest some of my saving in the stock market for about 10 years now, but having grown up in the 80’s, 90’s and 200’s, hearing how many lives have been ruined by market crashes, I have been frightened of the downside, and hesitant to actually purchase anything. However, with inflation rising rapidly and income prices stagnated, to have enough money for retirement, some kind of investment is essential. (Plus I don’t like NOT doing things because I am scared of them.) Another roadblock that I am having is, what the hell is cryptocurrency, really, and it’s assured to crash at some point… right? Am I too late to the game, or should I still look into investing?
I found this great article about cryptocurrencies from The Times, comparing the craze to the “Tulip Mania” of 1636. There is a movie based on the true event, “Tulip Fever.” I can definitely see similarities between the two, but cryptocurrencies have already been around longer, and seem like they may be able to stabilize at some point.
I still have a ton to learn, but cryptocurrency, which seemed like such a long shot from ever becoming a thing, like a Trump Presidency, seems to becoming accepted in the mainstream, and not just the fringes. With major brands beginning to use it, is cryptocurrency here to last? Will Bitcoin stay the major player and become the dominant currency? Or will it explode and fizzle out and just become a novelty in the near future? When subsequent generations look back and say, “why would they place so much value on an abstract currency with no inherent value?” Just as no one today would pay more than a couple of dollars for a tulip bulb. I have more questions than answers at this point, as only time can tell what will become of cryptocurrencies, but I am going to keep doing some research, and will share the best-of when found.
https://www.thetimes.co.uk/money-mentor/article/is-bitcoin-crash-coming/