It was February 27, 2014. I was doing a TV news story on something relatively new in the investment world: Bitcoin.
After briefly explaining digital currencies, I wanted to show exactly how one goes about investing in them. So I had my videographer take some video of my computer screen while I purchased a half a Bitcoin in real time. My investment? $289.47.
Months, then years, went by, and I forgot about the money I'd put in Bitcoin. Then, about 4 years later, Bitcoin was making headlines as it surpassed $10,000 in value. And that's when it hit me: I own some of that! So I went online, sold about half of the Bitcoin I owned. And since I was playing with the house's money, I used the proceeds to buy some of the second most popular digital currency, Etherium, which at the time was going for about $800.
Fast-forward to today, and my crypto investments are worth around $45,000. My current crypto balance isn't all from my original $289 investment: I've invested additional money along the way. Still, this is a textbook example of a blind squirrel finding a golden acorn. And I'm not the only one. There are lots of similar stories, many infinitely more spectacular.
I'll bet it's these type of stories, more than anything else, that are driving the crypto craze. That, and the insane volatility in the digital asset space.
Just this year, Bitcoin started at around $30,000 per coin, got as high as $65,000, fell back to $30,000 and now have climbed back to $45,000. That means it's doubled, then lost half its value, then gained back 30%, all within 7 months.
And because of all this price movement, are digital assets really worth investing in? How can something be a medium of exchange, like a currency, or a store of value, like gold, when it's this volatile?
If nothing else, however, it's fascinating. That's why I wanted to learn about it and why I want you to understand it as well.
That's what this week's "Money!" podcast is about. We're going to give you the skinny on what digital currencies are all about, how to invest, and a little advice on whether you should.
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