In light of rise of cryptocurrencies, NFTs, the Metaverse and more generally our world is about to get a lot more digital.
Big tech companies like Google are adopting Web3 for blockchain security while Roblox is adopting the Metaverse gaming concept.
These topics are gaining traction from Wall Street, companies like Facebook and Visa, and famous business moguls.
Also, Bitcoin and other cryptocurrencies are gaining popularity among Millennials and Gen Z, they’re counting on cryptocurrency investments as a part of their retirement plan.
Blockchain certainly seems to be the future of money and everything that revolves around it.
A recent survey stated in an article I found from CNBC found that “83% of millennial millionaires own crypto. In addition, 53% have at least 50% of their wealth in crypto and nearly a third have at least three-quarters of their wealth in Bitcoin, Ether, and other cryptocurrencies”.
In the future, we will be able to use blockchain-based currencies to buy homes and cars.
It’ll give us financial autonomy and freedom. So, here are 3 reasons why crypto is a great investment.
The ability to create passive income with crypto investments holds great power.
For example, you can stake your holdings on a wallet and earn an APY (annual percentage yield).
You can earn anywhere from 2–14% on your coins, the amount will differ based on the coin and the wallet you are staking on, a few examples would be Exodus or Celsius.
Staking for the long term is a great way to earn interest and make even more money off of your investments.
Think of staking as a savings account that's generating even more income from your digital currency investments.
Not only will the crypto’s price likely go up in due time, but you will be earning as you wait.
As of the time that I am writing the article, inflation sits at approximately 7.5%, a multi-decade high that hasn't been reached since the 80s, people feel more secure investing in Bitcoin because it’s comparable to digital gold.
Since the dollar value is decreasing, the money in your savings is stagnant and you’re better off investing your money in a currency that’s evolving.
Institutional investors also see Bitcoin as a hedge against inflation because there are a limited number of bitcoins in the world.
Since the cost of goods and services is through the roof, we’re paying a few hundred dollars more a month on expenses (food, gas, services, etc.) than normal and that’s due to a shortage in the supply chain, the pandemic, and money being printed out of thin air.
In times like this, people also look to invest in silver and gold to protect their assets from inflation.
Have you ever wondered if your 9–5 job will give you financial freedom?
I truly don’t think I’d ever be free with a 9–5 unless I’m investing money from my savings or creating passive income somehow.
If you can live with your parents and not have to pay rent for a while, maybe.
All I’m saying is that we need to find a way to invest our money and create more wealth to be financially comfortable.
I don’t want to live to work. I want to work to live. The wealthy have multiple streams of income and this is how they’re able to achieve financial freedom.
As a millennial, I am sick and tired of hearing that we aren’t able to buy homes and achieve financial goals.
Yes, I get it. We like to spend more on travel and experiences but I’m sure that most of us want to have a family or own a house one day.
By learning investing skills and how to become more financially savvy, we can achieve financial freedom.
The power of crypto has made it easier to invest and build on those skills, we’re already hearing of 20-year-olds who became millionaires after investing in Bitcoin and minting NFTs.
Investing in digital currency is giving people more confidence that they can create generational wealth.
Crypto is a novel space, but it will likely bare fruit in many ways. And has already done so for many investors who chose cryptocurrency as a part of their investment plans.
Diversification is always key, but crypto certainly should be part of that diversified plan and safely advised investment plan!
Disclaimer: Please note that this is not financial advice. This is based on my personal opinion.