Last year, you could have become a millionaire by the end of the year if you put $2 in crypto in January. Talk about crazy gains.
If you’re anything like me, you’ve shied away from cryptocurrencies for most of your life.
Younger millennials missed out on the first years of Bitcoin because many of us were just starting high school and frankly had bigger problems. Like sneaking strawberry-flavoured lipgloss past hawk-eyed teachers with a penchant for enforcing draconian dress codes.
But, I digress.
I did my research and I have decided to put all my money into cryptocurrencies in 2022.
When I say all my money, I mean all the money I’d usually invest in stocks and shares and my private pension, obviously.
What I am doing
First off, this is not financial advice, I am not a financial advisor, I am just a person who likes learning about money and I am doing what works for my personal circumstances. This doesn’t mean it’ll work for you.
Cryptocurrencies can be extremely volatile. I will only ever put in what I am willing to lose because the high-risk nature of the market means I could lose everything I’ve put in.
I am still working out my exact investment strategy, but I am sticking to the big boys for the most part (Ethereum and Bitcoin) and I am planning on accumulating and holding them for a few years. No get rich quick schemes here.
I am also putting some money into Stellar, and I am considering either Polkadot or Cardano as another investment down the line, for potential mid to long-term gains.
Also, yes, I do hold a little bit of DOGE and Shiba Inu (controversial, I know). They’ll be sitting in my wallet unit they become totally legit or until they bomb out completely. Really doesn’t bother me either way as I’ve put in tiny amounts I won’t miss.
What I am NOT doing
Here are a few things I am definitely NOT doing as part of my investment strategy:
- Getting myself into debt to invest in crypto. Yikes! Sounds scary when you could literally lose everything and yet people do it
- Investing $$$ in tons of shitcoins and memecoins in hopes of finding the next Shiba Inu to make me a millionaire for the price of a bottle of beer
- Putting money in and forgetting about it; the market moves quickly and keeping up to date with developments could help you avoid losses
Why I’m Putting All My Cash in Crypto
I have a couple of personal reasons. I’ve got a stocks and shares portfolio. But these all seem like safe options.
And when you’re in your 20s, you can afford to take risks with your disposable income. Risks that would be too great later on. So I’m pausing my stocks and shares contributions for now. I’m funnelling all that towards crypto instead.
The world is changing rapidly. Having done my research, I strongly believe cryptocurrency will become mainstream in the next few years.
Blockchain technology and cryptocurrency are already being adopted by governments and companies. Here are just a few examples:
- One of the largest money transfer companies in the world, Money Gram, is partnering with Stellar, a blockchain network facilitating cheap and quick cross-border transactions
- Visa partnered with Ethereum last year to process stablecoin transactions
- Just a few months ago, El Salvador became the first country in the world to accept Bitcoin as legal tender; meaning businesses will have to accept BTC as payment where possible.
- Companies like Microsoft, Starbucks, and PayPal all accept crypto as payment.
We could see even more exciting partnerships in 2022 and I just don’t want to miss out on what is going to be a fascinating fun ride!
What about you? Are you going to invest in crypto and have no idea how to start or what to do? Cryptocurrency wealth builders will kickstart your journey into the world of investing in cryptocurrency!