Cryptocurrency rising in value as economy prepares for rebound
HOUSTON, Texas (KTRK) -- With the stock market taking off and the economy set for a rebound, one investment is outshining them all -- cryptocurrency.
I've been watching Bitcoin for years. Not long ago it was at an all-time high, then it went way down. Right now, it's worth more than $19,000 per coin, making it close to a new record.
You are probably hearing a lot about Bitcoin, and as it climbs in value you are going to hear much more about it. You might even consider investing in it.
There are a couple of things to keep in mind. Bitcoin is just one of the cryptocurrencies on the market.
It is the most valuable and potential losses could be big if it goes down again. One crypto investor told us he would not put any money into the currencies that he was not prepared to lose.
Right now may not be the best time to buy in, as the values are rising fast. But this is a good chance to learn about cryptocurrency and then buy in at a lower value.
You can buy various cryptocurrencies using an internet-based exchange. The money is virtual, but every year it is becoming more accepted as a form of payment.
"Again, you do not want to put in more than you are willing to lose, so small amounts, start small, play around with it. See how it goes, track it," advised Ryan Firth of Mercer Street Financial Services. "Be a day trader to buy and sell. But again, don't put all of your wealth at risk. I would say that is the best advice."
If you decide to buy a cryptocurrency, you can get a digital wallet that stores your cryptocurrency and keep that device in your home. Or you can leave it in the exchange, like stocks.
One other thing about investing -- usually when you see the news guys talk about an investment, the time to buy is long gone. It may be that now is an opportunity to learn about crypto.
