- According to the financial experts, Bitcoin and other cryptocurrencies are gaining popularity among the new investors
- They believe that cryptocurrency is the new trend and investment opportunity, especially among the amateurs
- Bitcoin has become the popular cryptocurrency and is regarded as the best producing asset in the last year
- Black investors are growing nationally who see cryptocurrency as a way to fix economic injustice
Cryptocurrencies are gaining wide popularity in the west. Many new investors are investing in Bitcoin and other cryptocurrencies according to the financial industry experts. What they see is a sharp rise in the adoption of cryptocurrencies especially by those who are new to the market.
Bitcoin has become popular: Experts
The experts said that bitcoin has become the popular cryptocurrency and is regarded as the best producing asset in the last year. There was a whopping 1000 percent return seen in Bitcoin. Cryptocurrency is the virtual money which is traded peer-to-peer, wherein no banks are involved.
Bitcoin is considered to be the best cryptocurrency among the 2000 plus pool of cryptocurrencies available in the market. Some people in the black community consider Bitcoin as an opportunity to remove the country’s racial wealth gap. Bitcoin is a very attractive market for the amateurs right now.
Dr Shalair Armstrong
Dr Shalair Armstrong from Boston is a member of black bitcoin billionaires group. She started her cryptocurrency journey in 2011. Armstrong believes that it’s necessary to understand how one should use their CashApp, then they can certainly buy Bitcoin in CashApp. She suggests investing in bitcoin more than any other cryptocurrency.
Dr Shalair further added that if one coin’s price slumped to less than a penny when she got into bitcoin, the price of the coin was 150 dollars per coin. But today the price of one bitcoin is 48,000 dollars.
Black investors are growing nationally who see cryptocurrency as a way to fix economic injustice and Armstrong is among those growing groups. The group urges other colour communities to invest in the digital money market as a way of long-term saving.
Armstrong mentioned that it is important to have variety within cryptocurrency companies. Cryptocurrency portfolio tracker is Blockfolio. They had recently apologised after messages regarding racial discrimination were sent to users following an apparent hack.
Elon Musk, Michael Sailors & Bitcoin
Elon Musk & Michael Sailors have started investing in Bitcoin. Their bitcoin is valued the same as Armstrong’s. Mark Williams, Professor, Boston University and Bitcoin Expert said that whites on average have 10 times the wealth of the black community. This gap is more outspread than it was fifty years ago. The reason for this is that the black community did not have adequate access to capital.
Risks in investing
The rewards might be exciting while investing in bitcoin but the risk is equally dangerous. Since there is a daily fluctuation of up to 10-, 15- last week, 20 percent either increases or decreases in value. So as an investor, is one willing to lose 20 percent in a day? Williams said a safer bet is to invest in banks. The banking system is much safer than anything else.
He further mentioned that banks have to be open and available for providing loans to the black community, which was not the case previously. Once the access to capital is there one should invest it wisely.
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