Is It Too Late to Invest in Crypto?
- Written by NewsCo
The start of 2021 certainly set many different market heads buzzing with investment news as the stock market had seemingly been turned upside down largely in part to a Reddit community working to band together against Wall Street as even now the big story of stocks like GameStop and AMC continue to be newsworthy with price changes and short positions costing into the billions of dollars, but the bigger news in money and finance during this same period of time has once again worked its way back around to crypto currency as the volatile market has found itself in the spotlight once again.
It initially started with NFT’s emerging toward the start of the year, a sort of digital collectors’ wallet for digital goods which saw some huge initial sales but quickly started to look like something of a gimmick, and although the market is starting to settle down once again the Ethereum based blockchain tech did bolster crypto as a whole, and it saw the big coins in the likes of Bitcoin and Ethereum spike. It also brought about some criticism, and something that has heavily impacted crypto in recent weeks – the environmental impact.
Back in February of 2021, during the NFT craze, electric car manufacturer Tesla bought into Bitcoin with a $1.5 billion investment which eventually led to the crypto hitting its highest price of over $60,000 and followed by an announcement that Tesla may eventually accept Bitcoin as a payment method for their cars – having crypto go mainstream as a payment option has been something that experts had suggested would be a sure fire way for wider success, and although it has long been available through different online services like these in gambling and betting for example, the Tesla change would’ve added a lot of legitimacy. Not to last, however, as the decision was reversed in May as the company announced environmental concerns with the cryptocurrency would mean they had abandoned plans.
Not to end the crypto wave, though, Tesla boss Elon Musk later announced his investment into Dogecoin, a coin released back in 2013 to poke fun at the bigger coins which had a fairy-tale story of its own going from $0.002 at the start of the year all the way up to $0.72 before falling once again and encouraging many to jump on board for what was looking like a Bitcoin 2.0 wave of success. Again, however, not to last as the price plummeted quickly by dropping almost half and providing an answer for many to the question of whether or not it’s too late to invest – it certainly seems as if the heyday of getting involved in something small and making big is over, and unlikely that another coin will find the same level of success. Most experts would warn to steer clear, and as countries like China have since discouraged crypto investment, the future is looking a little more bleak each day.
