OWASSO, Okla. — Cryptocurrency like Bitcoin, or the newly trending Dogecoin, have been around for a little while, but depending on who you speak with, advice on getting involved in the up-and-coming field will vary.
Wealth Advisor Ken Grant with Waterstone Private Wealth Management in Owasso describes the field of cryptocurrency as risky and underdeveloped.
“It’s not replacing your twenty-dollar bill in your purse or in your wallet, it is simply a digital currency inside of an app,” Grant says.
Self-proclaimed cryptocurrency consultant and financial radio host on FOX23′s radio partner 102.3 KRMG Matthew Moore has researched the field for more than a decade. He calls it the way of the future.
“I equate cryptocurrencies as a life raft,” Moore told FOX23.
Grant says the limitations of cryptocurrencies are important to understand as it’s not meant to “go to the corner store and buy milk.”
Moore, on the other hand, highlights and emphasizes its versatility, saying hotel rooms and plane tickets can be purchased with cryptocurrency.
Moore and Grant both agree there is risk involved in the field.
“If you had something today that was worth $60,000 and then by noon today it could be worth $50,000, you just lost $10,000, would that make your blood pressure go through the roof and make you ill?” Grant says.
“You’re not set to be inside of a cryptocurrency because they are that volatile.”
Moore doesn’t recommend you jump in with both feet right now, saying, “If you wanna make sure that you are prepared for the future and you can protect yourself from a currency crisis…cryptocurrency might be a good option to put some of your wealth in.”
Rather, right now, he says start learning about it so you’re not blindsided should it go big.
Both agree blockchain technology, the technology behind these cryptocurrencies has tremendous value. Moore says it will change how we vote, management of car titles, homes and more.