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.
Blockchain-related projects have raised more than $1.6 billion in initial coin offerings so far, and most of it — about $1.4 billion worth — was raised in 2017.
Investors should spend time looking at cryptocurrencies, even if they expect the bubble to burst, Forbes analyst Clem Chambers said in an Aug. 8 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 highly regulated world of equities. Anyone who ‘gets it’ when this happens will be set to make fine returns.”
“What crypto currencies will you invest in if you have $6K ATM?”
This question originally appeared on Quora, the knowledge sharing network where compelling questions are answered by people with unique insights.
Answers by ,
, Entrepreneur & UX Architect – Analyst, Strategist, Designer and Developer
I am not advising you to do the following, this is just for fun. This is what I am personally doing. You should do your own investment research.
I have a different take than some of the other advice here based on what I am seeing today.
Looking at the charts, Bitcoin just rose too high too fast. 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 $2,200. Based on a lot of the activity, I’m seeing some bullish activity starting 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 new record heights in a couple weeks/months.
I’d look into district0x (DNT) as it’s about to skyrocket. Bittrex announced it will be on their exchange soon. Currently at around $0.14 per coin and has been fluctuating quite a bit on the smaller exchanges. I would put the full $6k on that, then selling after it multiplies — this will increase your money much more than putting it in Bitcoin today.
If the market continues showing 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.
Full disclosure: I am currently holding district0x. If you don’t invest that is your call. Watch it. It’s going up.
, Precious Metals Specialist
Honestly, Bitcoin for the initial $6,000.
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 continues to climb, more and more speculative money will pour in. All of the media attention will focus on the astronomical returns, and the cycle will repeat over and over.
One expert estimates that we will see bitcoin in the $13,000–$14,000 range by next spring. And based on what we are seeing these past couple 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.
, Regional Business Development (2015-present)
Depends, do you want to hold for long term or do you want to day trade?
If you are looking for medium- to short-term gainers, I would say put in OMG, GNT and SAFEX.
- OMG has vitalik
- gnt is 82% complete so should be going up in a 3–4 months
- SAFEX is launching their wallet today/forbes article apparently soon.
, Bitcoin advocate, cryptocurrency trader and entrepreneur
Not only that, but I would have done anything I could to get hold of another $2k to buy 2 BTC at once.
Some will say it’s too risky to put all eggs in one basket. I say wake up because you might never be able to afford a full bitcoin so get over and done with it and buy at least one as soon as you can despite the price.
OK, today’s bitcoin’s all-time high price is quite high and the market hasn’t corrected itself yet. But what if it doesn’t correct at all until November? It’s very much plausible. And what if it does correct to about $3k before it pulls back again? It won’t matter since you bought it to hodl until it hits unimaginable heights.
My two cents.
, Crypto since ‘11 & profited £4M+. Retired.
Perhaps even split it three ways. Maybe 5% NEO too.
These are the most promising coins right now and you will see exponential gains over the next year.
I’d always recommend holding for 5+ years.
, Investing since 2015 – Retiring in 2020
Not exactly $6000 but 2 weeks ago I had the privilege to invest $4000 for someone close. Their breakdown:
- $1400 – Bitcoin
- $1000 – NEO – at $8.24 each – 121 Coins
- $1000 – IOTA – at $0.29 each – 3448 Coins
- $500 – OMG – at $1.38 – 362 Coins
- $100 – Ledger Nano S – Bitcoin and OMG storage
Already a 3x ROI – Yes they love me now if they didn’t before.
, studied at Caucasus UniversityAnswered 8-17-2017I would redistribute my investment in 3–5 different currencies. For a long-term perspective I would invest in ETH, IOTA or NEO and as short-term gainer I would in vest in a newest Currencies such as YUPIE or other promising crypto currencies.
Sign up for the Moguldom newsletter — business news you need to know about economic empowerment for the digital age, delivered to your inbox.