The term cryptocurrency is used to describe any type of decentralized digital money designed to be used over the internet. As digital assets, cryptocurrencies are not controlled by governments or other central bodies, which makes them appealing to many investors.
Invented in 2008, Bitcoin is by far the best known cryptocurrency, but many other similar currencies have been created since its release.
So how would one go about investing in cryptocurrency? More importantly, is crypto a good and safe investment?
Here’s what experts have to say.
Investing In Crypto
Even for some experienced investors, cryptocurrency is unfamiliar territory, so it’s no wonder many are still hesitant to take the plunge and invest.
According to president of Bone Fide Wealth Douglas Boneparth, there are ways to invest in crypto without actually buying it. In other words, cautions investors can put money in a company that owns crypto, as opposed to purchasing crypto directly.
“When you’re thinking about investing in a company because they have exposure to crypto, it really runs the gamut from how direct or indirect you are in terms of that exposure. It just depends on how much of their balance sheet is in crypto,” Boneparth explained to The Detroit News.