Cryptocurrencies are becoming the next favorite investment tools. With people posting exponential returns, rags to riches stories, and Elon Musk tweeting about them, is adding to the hype surrounding cryptocurrency.
But are cryptocurrencies the next big multi-bagger or the next big scam?
Cryptocurrency is a digital currency, secured by cryptography, this makes them immune to being counterfeited and double-spending. These are decentralized networks based on Blockchain, and as they are decentralized their prices cannot be manipulated or interfered with by the government. Also, this provides a charge-free and effortless transaction across the globe. This also comes with its disadvantages such as scalability, cybersecurity, regulations, price volatility, etc.
Bitcoin is among the most favorite cryptocurrency, making millionaires during its dream run in the past few years, surging around 600%. After touching the $50,000 mark, faced a good correction, but despite the pullback, people and analysts remain bullish on the virtual currency. As Bitcoin breaks the $50,000 mark in October 2020 analysts state that despite the volatility and news, it can touch the $100,000 mark next year!
Whether to invest or not is your sole decision, but is it worth seeing and giving it a thought?
In this era where a single source of income is not sufficient, and people are also looking for investment opportunities to have that dream retirement life, luxuries, etc. these investment tools can be the perfect opportunity to grow your money and achieve financial freedom.