More Billionaires are Buying Cryptocurrencies Essay
Not so long ago a known investor and billionaire Michael Novogratz has revealed that he has found the best way to invest 10% of his net worth. Yes, he decided to invest in digital currencies not omitting such giants as Ethereum and Bitcoin. Novogratz, who is the Chief Investment Officer of Fortress Macro Fund, publicly called that deal to be the finest investment in his entire life. After a brief period of time, Novogratz sold some of his assets in the digital currency which allowed him to double his profit. He did that just in time – soon the price of these two cryptocurrencues crashed by 35%. And he is not the only one wealthy entrepreneur understanding that wise investment into cryptocurrencies can make someone wealthier within minutes or help them lose everything. All investors in this field have firstly to deal with Bitcoin, the grandmother of all cryptocurrencies. Is Bitcoin a good investment? You can judge yourself.
The path Bitcoin has covered is really remarkable. Everything started in 2009 when the price of one Bitcoin was approximately $0.0007. Two years later it cost one dollar. And then gradually, despite the volatility, it was becoming more and more valuable triggering the interest of investors. 2017 is for sure the best year to put your money into Bitcoin – the skyrocketing price of one coin ranges from 3 to 4 thousand dollars and is not going to reduce. Imagine how people who bought Bitcoins when it was up to $50. This is exactly how a good investment should look like. Another cryptocurrency, Ethereum, is also a smart choice. Novogratz and other investors that trusted in this currency and made their investment when the price was $1 per Ether are now much more wealthy, as currently it costs $287 per unit and it the second best digital currency after Bitcoin.
There are a lot of stories about prosperous investors that chose the best time to invest in digital money. A famous Bitcoin enthusiast and the CEO of Overstock.com, Patrick M. Byrne, made a decision in 2014 to accept Bitcoin as the payment system and that was one of the finest choices in his life. That was the first huge retailer that supported Bitcoin. Another billionaire, Tim Draper, the founder of Draper Associates started sinking money into Bitcoin and its children.
The enumeration of similar stories can take a lot of pages. Bitcoin is not just a digital currency anymore – it is a brand new type of asset for investment. A good investor is always aware of how to buy cryptocurrency at the proper moment to make a bigger profit. Every investor needs to be careful knowing that when the price falls from $800 to $300 the situation can be very gloomy. The beginning of 2017 was marked by a significant boost in different digital currencies price. Financial experts can’t deny the fact that more and more billionaires are investing their real cash in digital money in tremendous amounts.
What allures all these intelligent men to support a digital currency? The answer is quite simple – the prospects and its potential. They realize that this is the dawn of something very useful and profitable. Even governments have already started to accept digital money as an equal currency. This doesn’t eliminate the threads a newly-born investor can face. For instance, if your computer breaks down, all information about your transactions and all the money will be destroyed. Or your private key will be stolen by hackers. Of course, certain concerns exist – yet the technologies are developing at a fast pace to eliminate the drawbacks.
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