Since 2009, with the creation of bitcoin, cryptocurrency has increased its footprint in the broader money and asset management space. Some investors believe that one day this unregulated, flagship digital currency could reach as much as $250,000-$1 million per coin. And over the years, a bevy of other cryptocurrencies have joined bitcoin on the world stage, including litecoin and ethereum.
While storied investor Warren Buffett isn’t crypto’s biggest fan, believing it to be riddled with scams, cryptocurrencies are not going anywhere. Many investors bullish on the sector, like Tim Draper and Jack Dorsey, are drawn to bitcoin for its potential as a future global currency. And overall, crypto investing is something to consider to diversify your portfolio and invest in the future.
Just use good judgment — Buffett’s concerns about scams in the space didn’t come from nowhere.