Tuesday, 8 September 2020

Finance Investment Movement 3

I was a sceptic of the sky high prices of cryptocurrencies in general and did not think there was upside for something so volatile and vague. Years ago, I had dabbled into Ether for the hype and did not do much research. However, early this year, I decided to read more into this new digital asset class and trying to understand the future trend. By now, I am convinced that the blockchain technology, along with its associated currencies, are here to stay. If one was to treat a cryptocurrency as an alternative fiat currency, it's not wrong but the key is missing out on the underlying potential. There are not enough examples to show the disruptive impact of blockchain but I believe that day will come when a certain job, function or work becomes irrelevant. People will realize how real and perhaps painful that is. Thus, one of my goals was to invest in Bitcoin but the prices were persistently high around US$12k when I seriously monitored. Then, the stock market dropped last week and the cryptocurrency market followed suit. At US$10k per Bitcoin, I swapped S$500 worth of Ether into it and made my first ever move into this digital currency asset. At worst, I lose this money if Bitcoin becomes useless. But my expectation is in the many years ahead, this amount will multiply in folds beyond any asset class has to offer.

Tip: Loacker Tasnim Sauvignon Blanc 2012

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