Bitcoin has been the talk of the finance town for years, and the kingpin of cryptocurrency. Considering it has a 587% pole vault over the last year, just about everyone wants a piece of the action, and we can’t blame them. However, Bitcoin has also been a fickle friend as of late, plunging 26% from mid-April to Sunday morning. Barely a day later, it had jumped back up 14%.
So what’s the deal with Bitcoin, and how much money should you really be investing into it? According to these top financial experts, not as much as you think.
Bitcoin may have your attention right now, but experienced investors are advising people to tread lightly. According to Empyrion Wealth Management president and founder Kimberly Foss, “I am not actively recommending cryptocurrency. At this point, the market is too unproven, too unregulated, and too prone to manipulation, both by actors with potentially nefarious motives and also by other forces that are at present not well understood.”
According to Terry Sawchuk, CEO of Sawchuk, you should only be investing money that you can afford to lose. This is sound advice to anyone looking to shell out funds that are outside of their price range. In other words, it’s okay to take risks, but don’t just throw your life savings away all at once!
