Aright I gotcha. Crypto stocks have been dead lately, with not much price movement, especially Bitcoin and Ethereum. Bitcoin’s not able to cross the upper circuit of 42K USD while Ethereum is hanging around 2500K USD mark.
You were all excited when the Bitcoin was up, at $62K and it kept rising. Boom!
There’s nothing called the Bull or bear run, it’s all plain bullshit to drive the retail investors. What I do feel is, if you believe in cryptocurrencies in general, if you have read and believe in the future of cryptocurrencies – be it BTC, ETH, ADA or VET… then you should keep investing a part of your portfolio in the cryptocurrencies and its mining stocks (if you like again)
But the fact is, you need to invest for the long term. Companies in Canada, such as the Shakepay offer you to purchase BTC through recurring payments. Take a look at that. I believe it is the best way to invest in crypto, recurring buys to average the price over the term.
This way you won’t panic sell and the returns will be good.
Other stocks like Bitfarms and Hut 8 (which is also approved for NASDAQ now) are good choices as well.
Especially Bitfarms, with an expected hashrate of 8 EH/s by EOD FY 22.
If you’re interested in other cryptocurrencies other than BTC’s or ETH, you have a ton of excellent quality choices in ADA, VET, XRP, Litecoin etc.
Each of the above-mentioned crypto projects has something unique to offer and solving a problem existing. Hands down. You gotta read the white papers, understand the creator’s philosophy and read the fundamental value the current is up to. Do not get into FOMO and trade. You’ll end up selling eventually.
Instead, invest in the project you like the most and DCA to buy more on dips. Have a rigid plan and stick to it.
Also, say suppose you buy ADA, you can stake it on the Cardano pool and earn close to 6% in rewards every week. The payout in Cardano and the price will appreciate over time. I remember Cardano shot up from 18 cents to almost $2.4 recently. Imagine if you’ve dollar-cost averaged, right? Do it.
Another interesting crypto project is VET or VeChain. They are amazing at solving supply chain problems, which is a huge industry. Again, you can stake VET and earn VeThor I believe, (staking rewards).
The point here is, you don’t have to invest in mining stocks if you think the crypto market is outshining. You don’t have to invest in BTC. You have many more interesting and excellent choices other than BTC and ETH if the prices are too high.
All you have to do is sit down, brainstorm and shortlist what you need to invest in and the percentage. No one can do this for you, you have to do it yourself.
From my personal experience, you can use Cyrpto.com to buy (not sponsored), to buy your favourite crypto and then stake it at the respective staking pools. You can e-transfer up to $3000 CAD to crypto.com at a time and withdraw with ease as well. It’s fairly straightforward and I have done it multiple times.
Personally speaking, I’m more into cryptocurrencies than mining stocks and staking the rewards in truly awesome. Just visit the Cardano community and read the latest project updates. It’s both exciting and promising-looking into the future.
As I said, BTC is not everything! But BTC is where it all started. So BTC is like the big daddy if I can say…
Thanks for reading let me know your thoughts and comments below.
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.