Why is an NBA player in the cryptocurrency business? For Washington Wizards pro basketball player Spencer Dinwiddie, investing in cryptocurrency is like a layup. Speaking to CNBC’s Kelly Evans at Wednesday’s Your Money event, Dinwiddie said, “I look at it as the birth of a new asset class. How many times in history has this happened?” said. cryptocoin.com Now we look at the details.
A basketball player in the cryptocurrency business
The player said that cryptocurrencies are a place where investors can increase their initial investment tenfold, rather than earning 7% to 10% as most people expect to do over time in the stock market. The NBA player added that this is important for generating wealth for generations, and he also owns Bitcoin, among other digital currencies. Cryptocurrencies have steadily gained support as their prices skyrocketed. On Wednesday, Bitcoin hit an all-time high of around $69,000. Of course, cryptocurrencies are not without risk. The asset class is highly volatile on its way to breaking records high and volatility is likely to continue. Player: “If you have a long-term investment strategy and you have a day job that can get you five years, 10 years, then look at it as a very long-term thing because this asset class is not going anywhere. Billionaires will come out of this market,” he said.
Tyrone Ross, CEO of Onramp Invest, agrees that cryptos present a great opportunity for the underserved. Still, he warns that cryptocurrency isn’t for everyone. Instead, he advises new investors to be careful and learn about them before taking the plunge. “It’s not that scary if you take the time to learn, read, and study before you invest,” Ross said.
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