Should you buy bitcoin and cryptocurrency? My name is stephen james from project life. Mastery today i'm going to share with you some. Of my thoughts and beliefs when it comes to. Investing in bitcoin and cryptocurrency, and i'm also going to share with you a bit of, my investing strategy now i've been an investor in bitcoin for several years. Now and other cryptocurrencies, i really got into it a few years ago. When is making headlines, everybody was talking about it uh they had that huge surge, all-time highs, and that's really when i started to educate myself more about bitcoin and crypto. I knew about it. For years before, then, but i didn't really think that much of it, and so that's when it really started to get my attention, i watched a great documentary. I think it's called banking on bitcoin i even went on a cruise. I got invited to go on this exclusive cruise with some of the top experts in the world that are involved in the cryptocurrency space. I met a lot of them interviewed a lot of them all these different speakers that were talking at this event, and i really learned a lot during that time of certain information that most people at that time didn't really know about it.
That'S when i really started to invest in bitcoin and other crypto like ethereum and litecoin and ripple and a few other, smaller ones. Now, when it comes to investing in cryptocurrency, i should mention it's not my number one investment. It'S not the most important thing that i invest in so as a responsible investor. I have a responsibility with my money, first and foremost, to make sure that i don't lose it and to protect it and i'm more of a conservative investor. And so i like to invest in great blue chip companies, uh companies and assets that i believe are going to be around for a long time.
They don't have the volatility and the risk factor that comes with cryptocurrency, because it's not as established yet i'm bullish on crypto, where i believe that it's going to be worth more in the future than it's worth currently right. Now today i like the utility of it um i'm become more bullish on it, especially in 2020 2021, seeing the comeback of it, because it did crash and go back down for a few years. But now it's been making a comeback. Part of that obviously is circumstantial. Based on what's been happening with the pandemic and what's been happening, you know with governments and our currencies and whatnot and investors looking for other things, but it increased my confidence more when i saw uh investors that i look up to and respect like paul tudor jones When the top investors of all time - and you know even companies like paypal and square accepting bitcoin and allowing investors or allowing people to buy cryptocurrency through their platforms - and so i've been seeing, it become more mainstream and more accepted in our society.
And so i am bullish on it long term, but as an investor, i also understand the risks associated with it. I understand that crypto i see it for what it is, which is a high risk, high reward investment. So for me, i make sure that i first save my money have a certain amount of money in savings that is for an emergency that i'll never put into anything. That'S just only there. If i up my life hits the fan, excuse my french, but if the worst case scenario happens and i'm an idiot right, i want to make sure that i have money to protect me and i want to get too arrogant and believe that you know that uh, You know something like that couldn't happen, but i also make sure that i'm investing in long-term assets and a diversified portfolio of those assets that include real estate, blue chip, company stocks, ets and index funds, and even hedging against the currency in the dollar, using gold and Other precious metals for me, that's really what my portfolio is made up of and then the small percent less than one percent, to be honest with you is cryptocurrency.
Now i personally wouldn't put more than one percent of my portfolio into that, and that's just my belief. You can believe otherwise, and that's that's totally fine. I know many different investors have different styles, different approaches, but for me i'm not willing to take on that level of risk, and it really depends on what your risk tolerance and threshold is, which for everybody is different. If you're approaching retirement you're gon na have a different risk threshold than someone that's in their 20s, so for me personally, i like crypto, i like bitcoin, i like ethereum, i like litecoin and ripple and a few others, and i invest in that and i've been buying During this time um, you know some of the volatility of that, but my mindset, my philosophy on it, is a really important thing, and so my philosophy, my mindset is this is money that i invested, that i can afford to lose.
Meaning, if i lose this money, then i'm okay with that. This is not my life savings. This is not what i've worked for my entire life. If i lose it, i'm okay with it, i kind of look at it like my vegas money. If you went to vegas and you gamble a thousand bucks, if you lose it you're, not that surprised you accepted, you knew that risk going into it. So i don't see it. I see it for what it is and and don't make it even greater than that. I look at it as an investment that i believe long term can blow up. I long term, i think, will be great it'll, be more accepted.
More used more utilized it'll be worth a lot more, and i right now have an opportunity to be a part of some of that history and if it does blow up in the next three years, five years, 10 years, 20 years, 30 years, amazing awesome i'll. Be really happy and excited that i had a piece of that and a piece of history and i believe, i'd you know, get obviously some great returns from that, but at the same time, if it goes away, if it doesn't last, you know there's a lot of Volatility and factors with government and and and other things that can occur with that if i lose it, i'm. Okay, with that, you know, i accepted that risk um and i've got a diversified portfolio where you know this was the percent that i would allow myself and i felt would be appropriate for me to invest in that. So that's my mindset, that's my approach for it.
Now some people, you know they might be willing to invest five percent of their portfolio, even 10 percent. I think everyone's different everyone has different beliefs around it. Um. I think that it's still gon na be a while before it's really uh, you know kind of where it needs to be. Obviously i mean i think, there's gon na. I wouldn't be surprised if there's another crash with it, but now that i've seen it come back more optimistic in that i think a lot more people have more confidence, investing in it as well. That'S why a lot of institutional investors and some of the greatest investors have been more accepting of it.
Having seen what it's gone through over the last few years, and also seeing now, what's been happening with the currencies of the world and and and how it's been devalued, and you know the the debt and things like that, that's been occurring and how our dollar, our Currency has not been backed and the debt that's been getting in as well so um. So i think you know i my answer. This video and the question is yes, i think that everybody should be buying some cryptocurrency um.
I think everybody should have a certain amount of it and just put it aside, set it for me: i buy it with a website called coinbase, uh, so i'll link to that below coinbase. I think they have even a promotion right now where you can get. If you sign up for them make a deposit, i think you get a small amount of bitcoin or something like that with them. But coinbase is one of the most popular ones. It might be a little bit different based on where you live. What country you might live in, but for me personally, i buy it through coinbase. I move it to a hard wallet. I use the trezor hard wallet and i just keep it safe. I keep it secure there and honestly, i just kind of forget about it and i'm going to probably forget about it and not sell it over the next, probably five ten years or something like that, and if i wake up one day and i'm like this is Awesome this is worth so much more.
It took off, blew up amazing, awesome and again, if it didn't i'm okay with that tube. So for me, i'm willing to invest a certain percent into that. I think that you should as well to have a piece of it. Um, it's very speculative, you don't know if it's going to go up or down it's not backed by anything, there's still the risk associated with it. You know government risk and many other factors as well, but i've been seeing. You know, as time has gone on and and what i've been learning about it too. I do think it has a great place and a great utility in our world and will continue to go up in value. So those are my thoughts on it. Love to hear your thoughts leave a comment below. Let me know that if you're an investor in crypto, if so, why and if you're, not an investor, if you're not interested in it. Let me know as well i'd love to hear your thoughts. I'Ve always been interested in reading reading the different debates of different investors that i look up to and respect um.