Cryptocurrency experts remain bullish on the future of major cryptocurrencies.
Major cryptocurrencies like Bitcoin, Ethereum, Ripple and Litecoin have been both good and bad investments. They have been good investments for those who purchased them early on before their big run up, and sold them near their all-time highs, back at the end of last year. But they have been bad investments for those who purchased them near the all-time highs, and either sold them in recent weeks as prices dropped, or continue to hold on to them with heavy losses.
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That’s the past. What about the future? Are major cryptocurrencies good or bad investments?
Some cryptocurrency experts say, "Good."
Nathan Worsley, CTO of LocalCoinSwap is one of them, though he sees cryptos more as technological innovations rather than get rich quick schemes. “When you invest in any cryptocurrency you should invest in the technology behind it,” says Worsley.“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.”
Table 2
Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks
Cryptocurrencies Advance/Decline
Number
Advance
75
Decline
25
[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don't own any Bitcoin.]
Worsley likes Bitcoin. “Bitcoin is the most battle-hardened network in existence. Bitcoin has withstood the test of time and multiple attacks by well-resourced adversaries,” he says. “It is a cryptocurrency which can be relied upon, and with the Lightning Network in infancy stages great things are coming.”
Worsley is positive on Ethereum, too. “Ethereum is a general-purpose scripting Blockchain founded by one of the greatest minds of our generation. As the foundation for hundreds of other mainstream cryptocurrencies, Ethereum has the potential to one day rival Bitcoin itself.”
What about Ripple? “Ripple isn’t a truly decentralized but lightning fast, Ripple has the power to improve on legacy banking systems and help streamline international money transfers,” notes Worsley.
And Litecoin? “Litecoin, Bitcoin’s younger brother and one of the first true 'Altcoins,' doesn't offer exciting technological developments over the Bitcoin protocol but is likely to be a permanent fixture in the crypto ecosystem for many years to come.”
Oz Sultan, chief strategist at CG Blockchain, is another bullish expert, bullish on Bitcoin, but not on Ethereum. "Bitcoin's correction is due to a number of extraordinary market pressures,” says Sultan. “However, it is a definite hold for now. Ethereum has taken a large correction after major market moves across a number of high profile ICO's and is also facing deflationary pressures from Bitcoin."
David Sapper, COO at Blockbid, is also in the bullish camp. “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,” says Sapper. “At which point, those who took the risk during the dip will be richly rewarded for their patience and bravery.”
But John Hagensen, founder and managing director of Keystone Wealth Partners, is very skeptical about investing in cryptocurrencies altogether. “It all depends on how you define 'investment,'” he says. “If an 'investment' is a speculative gamble that has the potential for sizable short-term gains or catastrophic losses, then yes. Sure, it’s an investment. On the contrary, if an 'investment' is rooted in discipline, strategy, academics and diversification, with the objective to maximize returns for a stated risk, then these are closer to a game of roulette than they are to an investment."
Most can remember an evening where they won big at the casino, but does that legitimize placing your 401(k) on the craps table and hoping they don’t roll a seven?
Apparently not. Investing in major cryptocurrencies is an extremely risky game for speculators rather than investors, who can afford to lose part or all of their invested funds.
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Topic: Which one is a better investment, Bitcoin, Ethereum, Litecoin, or Ripple? (Read 13972 times)