Whether one should invest in cryptocurrencies or not has been a hot topic as of late. Being such a young asset, the market tends to be extremely volatile, filled with stories of extreme success or massive failure. The question is really about making an informed decision consisting of probability, timing, and if the investment profile fits the investor.
For those who have been living under a rock for the last year, just Google “bitcoin success story” and you can read about the kid who made a deal with his parents, allowing him to skip college if he was a millionaire by his 18th birthday – and him succeeding due to Bitcoin. Or the homeless guy who was living in his car only to have a friend tell him about Bitcoin, which later turned him into a millionaire. The list goes on and on.
Unfortunately, for every success story, there’s an equal number of personal Bitcoin disasters. Like the guy who accidentally threw away a hard drive with 7,500 bitcoins, worth over $70 million…