Mitrobe StaffFollowing the stories of bitcoin billionaires, and seeing the coin’s value skyrocket to nearly $20,000 this quarter, it’s understandable that the investment can seem more than intimidating to the likes of us lowly mortals. Moreover, descriptions of cryptocurrencies are often so tech laden and nuanced, they start to resemble the directions for IKEA furniture assembly. Which is more than enough to put anyone off of the idea of investing.
However, average citizens shouldn’t be quick to turn away from the digital currency. Exchange platforms like Bitvavo can help inexperienced retail investors better understand the crypto space, helping to direct wise investments- even when they are small. Which is something many believe Bitcoin’s founder, Satoshi Nakamoto had envisioned.
Inventing the coin as a more stable and more accessible financial system in the wake of the 2008 financial crash. Creating a truly decentralized, borderless, and pseudoanonymous system of currency that was purpose-built for the little guy and billionaire alike.
Bitcoin Tips From the Best in the Biz
- Teenage Dream
At the tender age of 12, Erik Finman became a bit of a legend in the crypto space. Using a mere $1,000, given to him by his grandmother, the pre-pubescent magnate stowed all of this gift into the nascent bitcoin. By the time he was 19-years-old, Finman was worth an estimated $3.4 million dollars. Currently, the now 21-year-old highschool dropout is still raking in the millions as a bitcoin investor and entrepreneur.
Leaving more in his wake than just inspiration, Finman used some of his millions to build an educational startup called Botangle, helping to connect teachers and students through better online learning paradigms.
While the child-come-million may seem like a bit of a loose cannon with a cursory glance to his Instagram feed, at closer inspection it’s living proof that bitcoin is made for the common citizen. Finman has admitted that the content is largely tongue-in-cheek, but continues to express vested interest in cryptocurrencies, looking towards a more democratized future for finance. Launching the DeFi app CoinBits, for bitcoin investments in 2019. All but proving that with a little know-how and a bit of effort, anyone can invest their time, money, and skills into crypto.
[Old] Billionaires Love it Too
Mexican billionaire (and arguable Silver Fox) Ricardo Salinas Pliego has also admitted to the power of bitcoin- albeit from a much more elevated view. Founder of Grupo Salinas, a highly successful Mexican corporate conglomerate that deals largely with telecommunications, admitted to investing 10% of his liquid assets in bitcoin. Being quoted as saying “Bitcoin protects the citizen from government expropriation” and regarding it as an ideal hedge for inflationary practices of governments.
The billionaire has urged citizens to consider bitcoin investment to protect personal assets and income, saying that government-issued fiat is “worth nothing”.
Bitcoin adoption in South America has surged amid devastating hyperinflation, brought on by less than ideal political climates and financial practices. In places like Mexico and Argentina, bitcoin demand has skyrocketed as many clamor to use the digital currency in place of traditional fiat hedges (primarily USD). Particularly as bitcoin can function similarly to gold and other precious metal safe-havens. The cryptocurrency is fully decentralized and borderless, which means that it is far more cost effective and safer to invest in traditional stocks and bonds. Requiring little expertise in the world of finance.
Anyone Can Own Bitcoin
Perhaps the true beauty of the coin is that it can quite easily be owned and obtained by anyone. As opposed to traditional centralized banking systems, bitcoin doesn’t require minimum investments or credit history. There is also no chance of discriminatory practice, as the coin doesn’t suffer the perils of human gatekeepers. Meaning the only thing anyone needs in order to secure themselves a bit of the digital bitcoin pie is some money and an internet connection.
More than the shady practices employed by central banking institutions, bitcoin has also proven itself to be a stalwart force in the face of economic downturn. Following the novel coronavirus outbreak of 2019, and the devastating economic effects- bitcoin was seen to bounce back much more quickly than legacy investments, and hold on to its inherent value with vigor. Outperforming the likes of Amazon, Tesla, and even Apple this year.
Which, should fiat continue to write in its current tumultuous state- bitcoin and other cryptocurrencies may be the future of finance altogether. Specifically, as the global economy becomes a more tight-knit arena. Making crypto the way forward for the young, the old, the rich, and the poor alike.
James steller
mitrobe
Mitrobe Staff