Major cryptocurrencies like Bitcoin, Ethereum, Ripple, and Litecoin can be both good and bad investment based on when they were purchased and sold.
According to a recent report by Forbes, many experts claimed that if the investors purchased cryptocurrencies before the prices shot up, and sold at their all-time highs, then they have been good investments. However, they may have been a bad investment for those who purchased them a short-time before their all-time highs and sold them in the recent weeks when the prices dropped or chose not to sell them despite the heavy losses.
Nathan Worsley, CTO of LocalCoinSwap told Forbes:
“Crypto is not a get-rich-quick scheme, it’s a technological revolution with the potential to disrupt the fundamental tenets of global financial systems.”
He further says that one should invest in the technology behind cryptocurrency as it is a technological innovation and not a way to make money quickly.
Worsley believes that Bitcoin can be relied upon. He says:
“Bitcoin is the most battle-hardened network in existence. Bitcoin has withstood the test of time and multiple attacks by well-resourced adversaries”
Giving his opinion on the future of cryptocurrencies, he says, “As the foundation for hundreds of other mainstream cryptocurrencies, Ethereum has the potential to one day rival Bitcoin itself.” Additionally, he also believes that Ripple is capable of improving legacy of banking systems and help streamline international money transfers.
Worsley called Litecoin, Bitcoin’s younger brother. Although it does not offer better technological developments over Bitcoin, it is likely to make its place in the crypto world in the future.
David Sapper, COO at Blockbid, says:
“Whereas the value of some lesser known alt-coins and tokens have the potential to fizzle out, it’s certainly possible that the big players will see another surge in value before too long, at which point, those who took the risk during the dip will be richly rewarded for their patience and bravery.”
Rishabh Singh, a Twitter user gives his opinion on whether cryptocurrency is a good or bad investment:
“It’s very hard to say, many coins look super overvalued right now and the greed in this market is insane. Crypto is really the wild wild west, crazy things happen.”
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