What Cryptocurrencies Will You Invest In If You Have $6K ATM?
Some talk of a bubble. Others say cryptocurrencies will outpace cash in the long term.
Investors should spend time looking at cryptocurrencies, even if they expect the bubble to burst, Forbes analyst Clem Chambers said in an Aug. Eight report. Why?
Cryptocurrencies hold the key to understanding how blockchain works, Chambers said. Blockchain, the technology which supports the crypto space, has many broad applications, both within and outside of that field.
Chambers believes that “this thrilling madness will at some point spill into the old very regulated world of equities. Anyone who ‘gets it’ when this happens will be set to make fine comebacks.”
“What crypto currencies will you invest in if you have $6K ATM?”
This question originally appeared on Quora, the skill sharing network where compelling questions are answered by people with unique insights.
Answers by Jon Roberts , James Howlett, Shawn Lee , Suthan Mookaiah, Tomasz Kurpanik, Michael Taylor, Martin Green, Giga Tatanashvili, Aman Trivedi, George Tung, Chip Smith and Okundolor Mondris.
Jon Roberts , Entrepreneur & UX Architect – Analyst, Strategist, Designer and Developer
I have a different take than some of the other advice here based on what I am eyeing today.
Looking at the charts, Bitcoin just rose too high too rapid. It’s about to fall back to reality. It dropped $300… wait, $400… now, $500 this morning already. Goldman Sachs recently announced that the bitcoin will drop to around $Two,200. Based on a lot of the activity, I’m observing some bullish activity beginning across the space and Goldman’s announcement will spook everyone if they weren’t already. I suspect it will drop for a bit before it goes back up to fresh record heights in a duo weeks/months.
I’d look into district0x (DNT) as it’s about to skyrocket. Bittrex announced it will be on their exchange soon. Presently at around $0.14 per coin and has been fluctuating fairly a bit on the smaller exchanges. I would put the utter $6k on that, then selling after it multiplies — this will increase your money much more than putting it in Bitcoin today.
If the market proceeds displaying signs of a downturn, I plan on liquidating my non long-term funds into Tether, then putting them into Bitcoin once it corrects and stabilizes. I fully expect bitcoin to hit the highs that the others are talking about, but there will be a downturn in the middle and you can make money on alt coins while you are waiting for bitcoin to correct at a lower price.
Total disclosure: I am presently holding district0x. If you don’t invest that is your call. Witness it. It’s going up.
Shawn Lee , Precious Metals Specialist
While you could make a case for many of the lesser-known and less costly examples, Bitcoin is the current market juggernaut. It’s gained over $1000 in the last two weeks! No other crypto currency can match that (not yet). And as the price resumes to climb, more and more speculative money will pour in. All of the media attention will concentrate on the astronomical comebacks, and the cycle will repeat over and over.
One pro estimates that we will see bitcoin in the $13,000–$14,000 range by next spring. And based on what we are eyeing these past duo of months, I believe it is possible.
I would also recommend taking your profits and reinvesting into the other coins of your choice. This way you have a solid base with bitcoin, and you will still be able to invest in the other crypto coins of your choice.