Caveat Emptor: Here’s What You Should Know Before Jumping on the Bitcoin-Crypto Bandwagon
A word of caution to those swooned by the big gains and “mass adoption” of cryptocurrencies
If you’ve been following the rally on the equity markets or technology stocks, chances are, you might have noted how cryptocurrency prices have also surged in recent weeks. Bitcoin (BTC) has surged over 400% since March and is near its all-time highs while Ethereum (ETH) and many altcoins have also seen hundreds of percent gains (if not more).
Besides these big numbers that are luring you in, the media is too, with big names like PayPal, Square,and JPMorgan publicly declaring their moves into the space. You might even come across even more niche news like how ETH is due to move into POS (Proof Of Stake) on 1 December, or about how DeFi has grown tremendously in the past year.
So you’re ready to put your hands up and say “I want in”, and here’s where I have to give that warning — “Wait A Minute”. From someone who has been following the crypto space for a short while (since 2017), who is positive about the future of cryptocurrencies, I’m asking you to reconsider about buying in.
