Bitcoin, other cryptocurrencies a potential long-term investment, says Timmins financial advisor
Cryptocurrencies are continuing to gain mainstream attention, and a financial advisor in Timmins told CTV some northerners have been asking whether to invest.
Jason Gervais said with thousands of digital coins available now, he believes crypto is the future, though he adds that it's a high-risk market.
People are able to purchase the actual coins through various online marketplaces, but Gervais suggests beginners start with looking at federally-regulated 'exchange traded funds' (ETFs) on the Toronto Stock Exchange that track the prices of the two most popular coins — Bitcoin and Ethereum.
Investing in crypto ETFs is a safer option, he said, since purchasing the actual coins can open less-experienced people up to online theft.
Gervais wouldn't suggest the market for people with goals like retirement, but he believes people thinking in the long-term may find it rewarding.
"Right now, all of us regular people are trying to guess which (coin) is going to be the winner or if it's going to be involved in the future," McColeman said.
The prices of cryptocurrencies can fluctuate quickly and drastically, making it an unreliable form of payment for goods and services, said Gervais, making it primarily an investment opportunity.
He would advise strongly against pouring your life savings into crypto, but Ryan Rheault claims he was able to quit his job thanks to investing in digital currency.
Rheault said he's involved in a community of other crypto investors and offers advice to others looking to get started, saying it's been a fulfilling journey for him.
"It's been life-changing," Rheault said. "It's given me so many rewards and so many achievements in life that I never thought. Like I was working at Detour (Mine) for the longest time, I never thought I could get out of work."
That said, the idea of cryptocurrencies is not for everyone and some northerners are content with leaving the emerging market alone.
That's the case for Timmins resident Jason Mark, who said some of his friends invest in crypto, but he doesn't feel the need to explore it.
"I just kind of stick with the cash that I can see, rather than this online stuff," Mark said.
Investors like Taran Bassan said starting small and slow through online trading platforms like Wealthsimple and Robinhood can allow people to test the cryptocurrency waters and see if it's for them.
That's how she got her start, she said.
"I think I only put a hundred dollars in the first time around and just kind of played around with it," Bassan said. "I think that's how everybody should start off, just playing around with it."
Gervais notes that he normally doesn't recommend investing in cryptocurrency to his clients, mainly consisting of seniors.
But for people who have the time and are willing to spare the money, he advises that people only invest what they are willing to lose.
"(Crypto is) not going anywhere, I'm a believer in it, but it's definitely volatile," Gervais said.
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