Is it a great idea to invest in cryptocurrency if you reside in Germany?
Cryptocurrency is a concept that took the world by storm from when it started in 2009 to date (talking about the year 2021 and beyond). What started as a single currency that worth almost nothing grew to be worth tens of thousands of dollars even after tens of other types of cryptocurrency (and going into hundreds) were developed. Today, there is new cryptocurrency coming into the market regularly.
There is also the fact that there are speculations that cryptocurrency is going to be the currency of the future implying that the currency is going to be worth much more than it is worth today. Many people are now investing in cryptocurrency to make a profit. This article will discuss if it is a great idea to invest in cryptocurrency if you reside in Germany.
Is it a good idea to invest in cryptocurrency in Germany?
The simple answer to if it is a good idea to invest in cryptocurrency in Germany is YES. Investing in a cryptocurrency will require you to use a telecom service provider to connect to the Internet and to use the right platform. Hence, you should read about Telecom services in Germany to know the reputable company to patronize for great internet connection. You can also read about cryptocurrency platforms on reviewsbird.de to know the reputable platforms to use for your investment and the right type of coin you should buy. Some of the reasons why you should invest in cryptocurrency in Germany are discussed below.
The currency has prospects
It is a general belief that cryptocurrency has a huge prospect. Many people have been able to make huge returns from investing in cryptocurrency both in the short term and in the long term. Despite the volatile nature of the currency, it is still believed that in the long run, it will be very profitable to those who invest in it in the year 2021. Even for those interested in investing for the short term, it has still been a very profitable venture.
Even though it might not be feasible (though not impossible) for cryptocurrency to increase in over 300,000 folds as it did between 2009 and 2019, there are chances that between 2021 and 2031, it could still grow in thousands of folds. This will be largely influenced by the acceptance or rejection of the currency by reputable organizations and countries across the world. There is also the possibility of the currency going back to become useless, hence, making it risky like every other investment. You could consider cryptocurrency to be a high-risk investment, especially if you are investing in it for the long term. The implication is that you should only invest an amount you are willing to lose as it could go either way of becoming extremely profitable like those that bought in the first few years are enjoying today or going extremely unprofitable.
Short-term investment vs long-term investment
Long term investment in cryptocurrency is believed to have a lot of prospects with many believing that in the next 5 years, most major cryptocurrencies would be worth over a thousandfold of what they are worth today. Hence, if you have funds for long term investment and you don’t have time, you can invest in cryptocurrency.For short-term investment, many people who have the knowledge and trade wisely get 5 to 20 per cent profit trading cryptocurrency daily. However, this would require a lot of your time as you must continue to monitor the price and buy while the price is low while you sell when the price is high.
