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  • Writer's pictureScott Fitzgerald

Money and mental health: bitcoin, is it worth the risk?

Hi all On this issue on money and mental health I wanted to talk about the rise of bitcoin and cryptocurrencies. Before I do remember every investment is a gamble, only put in what you can afford to lose. Be sensible and be responsible. Before taking any investment imagine if the investment went horribly wrong and you lost all the money you put in. If that would disturb you then think twice about how much you are putting in and if you can afford it. I say this because Bitcoin and Cryptocurrencies are extremely volatile. One day they will be up 20% then crash down 50% the next. I have studied the Cryptocurrency market for the last few years and seen these rises and falls happen. So what do I think of the future of Cryptocurrencies? I think long term certain ones have potential, I also see long term that a lot of them will fall to zero. The safer investments would be Bitcoin, Etherium, Ripple XRP, EOS, Bitcoin cash and Litecoin. These are the ones I have in my portfolio, I also have one called GO chain one of my friends recommended, this is a gamble one though. DOGE coins seem to be on the rise at this moment but I don't own these and think this coin is more of a fad. As of writing this (03/05/2021) the Crypto market is at a high, I would suggest waiting for it to drop down (which inevitably it will). Remember as well what you would aim to sell it at. One day your Crypto investment could rise 40% in one day then crash 50% the next, the rise doesn't last forever so it is good to know what you would like to sell it at. Have that end goal in mind. The most favourite quote of investing is to buy low sell high. Don't get caught up in buying something that is rising fast and don't get worrying about selling one of your currencies when it is going up, the price will eventually go down again for you to buy it back for less. In summary I think cryptocurrencies are a good investment but buy when the market is low (be patient) and the most important thing of all is to only put in what you can afford to lose. If you would like help with anxiety issues, self esteem or confidence issue then call me Scott Fitzgerald at Oakley hypnotherapy on 07525851033 to arrange a free initial consultation.

(Note: The financial information on this page is of my opinion only, I am not a financial advisor)

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