April is Financial Literacy Awareness Month and there’s much educational material around opening traditional checking & saving accounts, money markets, certified deposits (CD), high-interst saving account, bonds, and the stock market but not nearly enough on Cryptocurrency. Say what you will about it, but it’s here, it’s active and should be one to consider to diversify your financial portfolio.
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What Is Cryptocurrency? Understanding Decentralization and Digital Money
For starters, what is Cryptocurrency? Accordinging to ChatGPT, “Think of cryptocurrency like digital cash stored in a super-secure, shared online ledger that anyone can verify—but no single entity controls.” One thing that I personally love about Crypto is that it’s decentralized, meaning it’s not controlled by a bank or a Government and reduces reliance on institutions and opens the door to a more democratic financial system and can be looked at truly as a world currency.
Even with the growth and proven performance in recent years, many are still skeptical and hesitant to invest, even if it’s just one dollar. I had the amazing opportunity to chat with Bobby Lee, Founder of Ballet, the World’s easiest crypto cold storage wallet, to answer my Crypto questions.
Why are many people still hesitant / scared to invest in Crypto even if they already invest in stock?
For the most part, people are still hesitant because crypto investments are still fringe and not yet mainstream. Stocks and bonds have had over 100 years of history, whereas crypto and Bitcoin have only been around for the last 17 years. The public discourse and media coverage is still extremely biased against crypto, treating it like a new asset class that’s unregulated and risky.
Which country supports / uses Crypto the most?
There’s no way to truly find out which country uses crypto the most. Given the size of the US financial market, with a very large and healthy investment market, crypto is certainly traded in high volumes in the US (especially the bitcoin ETFs). However, there are also countries like El Salvador, which has legalized Bitcoin and made it an official currency, so the usage there can be significant. And as people know, crypto (Bitcoin, stable coins, and others) are all being used in the underground black market as well.
Why should anyone have Crypto a part of their financial portfolio?
Mainly because of the growth potential and return on investment. Even though Bitcoin has grown a thousand fold in the last decade, I predict Bitcoin will have another 100x room to grow. To benefit from this potential of outsized return, it is imperative for any serious investor to make an allocation for Bitcoin.
What can we do better to grow the conversation around Crypto?
Talking more about it. When more people buy into bitcoin, the ownership mix will continue to increase, leading to lower volatility and higher prices, which will further stabilize the crypto market and give it more legitimacy. This will help grow the conversation around Crypto.
If someone doesn’t have Crypto yet and wants to start, what’s the best route to take?
The best route is to open an account on a reputable exchange (like Coinbase or Kraken), and then buy Bitcoin and crypto through there. Alternatively, people can directly buy Bitcoin ETFs through their existing stock brokerage account. For new investors, it’s best to use a dollar cost averaging (DCA) process to invest in this new asset class.
So, now you’re probably asking, “what is a cold storage wallet”. Think of it as your own personal vault, a way to store your crypto investments (including NFTs) completely offline, making it one of the most secure methods for protecting digital assets from hacking, phishing, and online threats.
Ballet offers several unique ways to do this, one is with a cold storage coin and the other is a credit-card sized card, both available in 24K Gold Plated and Stainless Steel. Both are easy to use, unhackable, and actually make great gifts for those friends and family you know that already invest in crypto.
Cryptocurrency represents more than just a new type of money, it’s a rethinking of the financial system itself. While it may not completely replace traditional currencies overnight, its influence is undeniable.
Ashley-Victoria Smith
Serial entrepreneur, celebrity publicist, published author, swimwear designer, and creative director. Currently resides in the Queen City with her two rescue fur babies indulging in coffee, a good book, and Marvel movies.
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