The decision to invest in cryptocurrency in 2023 depends on an individual’s goals and situation. If the goal is to preserve wealth and make returns of 2-5x, investing in Bitcoin and Ethereum may be the best option. However, for those looking for higher returns, a diversified portfolio of altcoins may be necessary. It’s important to have a long-term mindset and be able to handle the volatility that comes with investing in cryptocurrency. It’s not advisable to invest in cryptocurrency if the goal is to make money quickly and the individual can’t handle the fluctuations in their portfolio.
Should You Invest in Cryptocurrency in 2023?
The question of whether to invest in cryptocurrency has been a popular one among investors for some years now. In this video, we will discuss if you should invest in cryptocurrency and what your plan should be depending on your situation.
Goals and Approach
It all comes down to your goals and approach. If you want to preserve wealth and have a lot of money, you can buy Bitcoin or Ethereum. In the opinion of the speaker, Bitcoin is going to reach $100K, and Ethereum will likely hit $10K. On the other hand, if you want to make a 10x, 50x, or even 100x gains, you need to hold some speculative coins along with Bitcoin and Ethereum.
Strategy and Mindset
If you have a lower amount of money, you should hold about 20 Bitcoins and 30 Ethereum. You also need to have the mindset to hold on to your portfolio, even if it goes down 80%. If you cannot handle seeing your portfolio go down, it is not advisable to invest in cryptocurrency.
If you can handle the risks and are willing to invest in cryptocurrency, you should pick five to ten altcoins of your choice and hold on to them. It is also advisable to take profits whenever you can.
In conclusion, investing in cryptocurrency is not for everyone. You need to have the right mindset and a long-term strategy to succeed in this market.