Many people fear that they are missing out on the benefits that cryptocurrency has to offer, according to Paul Mampilly. This is something that most investors experience all of the time. Paul Mampilly believes that this fear is part of the mania that is surrounding Bitcoin as of late. Due to the fact that the cryptocurrency market is most likely going to stay volatile for a long time, it’s best to avoid investing in them right now.
Much of the excitement surrounding Bitcoin is due to the coverage of it in the media, Paul Mampilly states. People are hearing about others getting rich off of their investment and they want to know how they can become a part of it. Instead of going about it cautiously, they go ahead and put everything they have into it without considering the risks that are involved.
There are many different stories that have been coming out lately about what happened after people invested into the cryptocurrency. While it may have reached $20,000 at one point, the value has dropped by around 70%. These aren’t just Wall Street investors that are losing out on their investment, everyday people are as well. In one case, a teacher lost a large amount of money with their bad investment.
There is one part of cryptocurrency that Paul Mampilly believes has a good amount of value, but many people are looking past it. Blockchain technology can add a good amount of security to many different types of transactions besides cryptocurrency. It’s particularly useful when it comes to determining the ownership of something whether it be digital or physical. In the next few years, it’s expected to be used in things like labeling ownership and even in the voting booth.
There are ways to invest into Blockchain without investing into the cryptocurrency craze, and Paul Mampilly thinks it will be a great way to get returns. Just like with the 1800’s gold rush, many miners lost a lot of money, but those that sold equipment prospered. It’s important to do a bit of research before making your investment, but the technology is there.
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