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Bitcoin, Dogecoin, cryptocurrency… what in the world do these esoteric words mean? Cryptocurrency is a new form of digital payment (termed “tokens”) that can be exchanged online and has gained tremendous popularity over recent years. There are several types of cryptocurrencies, such as Bitcoin and Dogecoin with varying values (think of it sort of like precious metals with silver and gold being types of precious metals). Just like stocks, the value of a cryptocurrency rises and falls over time depending on the amount of buying, selling, supply levels, etc. Because cryptocurrency is a digital currency, it must be purchased first, and then once you own it, it can later be sold if you choose. Instead of a bank handling the storage of the currency, crypto is “kept” through a decentralized technology called blockchain. Simply put, the blockchain is essentially an electronic ledger to make sure every individual token is accounted for. As an example, if you traded one Bitcoin, that means there would be a seller. The blockchain would allow for the transaction to be viewed from both the buyer and the seller’s accounts to ensure a fair exchange took place.
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Why is cryptocurrency popular all of a sudden? While a lot of the trend is mostly hype, many find the aspect of decentralized regulation (not having to use a bank) as a way of minimizing any possible mismanagement of the currency while also providing a peer-to-peer quality control system with the blockchain. Other people are optimistic that cryptocurrency will be accepted by more and more businesses over time and therefore want to “stock up” now before the crypto world explodes. Presently, there isn’t much concrete evidence that supports cryptocurrency being superior to investing in the stock market.
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“Should I take part in the cryptocurrency craze?” you may be asking yourself. The consensus among investors and financial advisors is to approach cryptocurrency with much caution because it is a comparatively new form of investing, is highly volatile (prone to drastic value changes), and difficult to research. With the infancy of Bitcoin and the like, investing in these digital tokens is like gambling since it’s anyone’s guess how the performance will be. To categorize cryptocurrency, it can be lumped in with gold, real estate, and similar riskier assets termed alternative investments. Compare investing in crypto to traditional methods such as stocks, bonds, and ETFs that can be easily researched through various platforms based on company performance, investor sentiment, metrics, market conditions, etc.
If you do wish to partake in cryptocurrency, it is wise to speak with a financial advisor to see if it should be a part of your overall diversified portfolio. At Strittmatter Wealth Management Group, our team of Lockheed Martin Retirement Specialists will take a deep dive into your financial situation to create an ideal and personalized asset allocation for your portfolio that best aligns with your time horizon, goals, and risk tolerance. If this sounds beneficial, give us a call today!
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Be sure and check back next week for more incredibly valuable information. Cheers!
Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.
Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.
Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.
SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.
Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.
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