A lot of people, investors included, are daunted by cryptocurrencies. After the insane rise of Bitcoin and other cryptocurrencies, a lot of investors and financial advisors are keeping well away from the market. And it’s easy to see why – it’s a volatile and unpredictable market. However, because of its unpredictable nature, there is a lot of money to be made in crypto markets. Joseph O’Connor, a well-known prodigy and expert in this field, has developed a formidable reputation for having mastered the art of crypto investments. Here are some of his recommendations for crypto investments.
2020 has been a learning curve
2020 has been a year to remember for so-called “experts” in finance. According to O’Connor, it’s a good idea to invest in currencies that are decentralised and primarily separated from government intervention. As soon as the government gets involved, financial markets can get rather messy.
Getting rich quick is the worst mentality
O’Connor always reminds his client’s that patience and commitment are critical when investing in cryptocurrencies and other securities. If you’re looking for a way to get rich quick, then crypto investments are not a great idea. Think of it this way, sudden growth in currencies is often followed by sharp declines. There were millions of investors who got into the Bitcoin phase when it peaked, only to watch their investments plummet within 6 months. The moral of the story? Be careful with your assets, and pocket that desire to get rich quickly – you’ll end up making big mistakes.
Do your research
According to O’Connor, you must do your research before investing. There are a lot of scam artists out there, so if you receive advice that seems too good to be true, then it probably is. It would help if you always double-check and triple-check advice you receive from other investors, especially advisors that have had a lot of success already (like O’Connor). Don’t start investing because you’re looking for something fun and exciting. That’s not to say that it can be fun and exciting at times, but you need to recognise that there will be late nights, stressful periods and confusion.
If you don’t have the money, then walk away
Much like gambling at a casino or chasing your losses at the races, if you don’t have the money to invest, then it’s time to walk away. The last thing you want to get caught up in a terrible cycle of debt traps, in which you’re paying off your debt with borrowed money. Stick to O’Connor’ principles, and you’ll be fine!
Fergus Murray is the lead editor for Business News Ledger. Fergus has been working as a freelance journalist for nearly a decade having published stories in the New York Times, The Plain Dealer, The Daily Mail and many others. Fergus is based in Detroit and covers issues affecting his city and New York State. When he is not busy writing, Fergus enjoys jogging.