I asked my abuela if I should invest in bitcoin now before it “halves” again. She replied with “Bee-qo-een? Pero que ese so?” Naturally, I went ahead and invested.
In recent times, investing in cryptocurrency has become an easy way to turn tech nerds into virtual tycoons. While it may have taken longer than one would like, had you invested $20 in the crypto-currency bitcoin a decade ago, you could, in theory, be a millionaire. Five years ago, the Bitcoin traded at $100 a coin, but each coin is now worth over $8,000.
Some experts believe the recent fluctuation in value could spark renewed interest in digital money because only a finite number are in circulation, which means it’s harder for their “money” to lose value.
Today, the bitcoin is undergoing a ‘halving.’ This means the reward for ‘mining’ new coins will be half what it was. Yet, as people scramble around for new ways to make money in these challenging times, will bitcoin offer a new opportunity for investors to make a profit? Or as investor Warren Buffett believes, is it “rat poison?”
You might be wondering what advice I have to give on this. Well, I have none. I have little idea as to what will happen and I’m still trying to get my head around this “halving” process. So, if any of YOU have smart advice, please let us know in the comments below.