Bitcoin and other cryptocurrencies are the new kid in town. To my liberal, forward thinking Millennial friends, this is a great opportunity to turn nothing into something, or something small into something much bigger. This world is a mind boggling place, where your initial investment of $100 can yield uncomprehensible growth in mere weeks, days even. I have friends in the finance industry, working on Wall Street who mock this practice, as if it's some sort of fad that will leave me broke in the end. So far, this is not the case. So far, my investments are paying out larger returns than those stocks that he tells me so much about.
As a Millennial, I see this as an opportunity to be an early investor, in one of the fastest growing, and most intelligent markets history has seen. Soon, cryptocurrency could lead the way of the financial industry, making other currencies obsolete. Sure, it's a mystery as to how some of these coins came to fruition, but it's the mystery that is so enticing. Millennials lead the pack when it comes to trying new things, seeking new and exciting opportunities, and straying away from the norm.
I've read recently that the Commodity Futures Trading Commission determined that virtual money is officially a commodity—just like oil, silver, coffee, or gold. This is not your typical currency to be used as everyday 'cash', but rather something to hold on to long term, an investment. In 2020, the mining of Bitcoins may come to a screeching halt. I foresee that the only place to go from here, is up. This is the perfect opportunity for young people to buy into a long term investment, that is only predicted to grow in the future. As history has shown us, there is a chance that the Bitcoin can go down; and it will. But, it will only go higher from there. The proof is in the patterns, just look at those graphics, they don't lie. The trick is to hold on tight, and enjoy the exhilarating ride.
Bitcoin is on the rise, and expected to be accepted at more and more venues in the coming decade. We're stuck in a delicate time, where spending your coins is not really an option, but saving them is. Have I become a coin hoarder? The answer is yes, and I will continue to do so until my portfolio is as diverse as the streets of New York City. We live in invigorating and unpredictable times, but one thing I know to be true: Buy. Buy as many coins as you can, as often as you can. The cryptocurrency markets will only go higher. The most difficult realization that my Millennial friends will come to, is that they soon may be too late to invest. The time to invest is now, when you can maximize your investments and diversify a hefty portfolio.
I've had trouble convincing many of my Millennial peers, but a handful of them have dove head first into this crypto world, and have successfully navigated through coins, wallets and exchanges. For those who have no heeded my advice, I have a PSA for you: THE TIME IS NOW!
