Let’s talk about Cryptocurrency | Revealing my Crypto holdings

Hi Guys, welcome back to another episode of SingaporeTalksMoney! Do give an early thumbsssss up and subscribe to my channel for more content from me. Hope you guys have been enjoying my videos.

Cryptocurrency has been rising in prices like nobody's business. Even over the Christmas holiday, the price of Bitcoin has been hitting new-highs. On 27 Dec 2020, it has hit $27,500 with it being at $23,000 a week ago. The price has been increasing at a rapid pace and to be honest, I do feel that the pandemic and YouTube has played a huge part in it's rapid rise.

I am not very knowledgeable on all the different types of cryptocurrencies but I do know about Bitcoin and Etherum as I hold them in my portfolio and also because they are the 2 most popular ones. Today, I will be revealing my portfolio for my cryptocurrencies and also to talk a bit more about it.

So I previously released a video detailing a little on cryptocurrencies, how they work and also am I too late in getting into it. I have since invested a little more into as I understand it's mechanism and how it is being regulated not by a central government. I will link the video in the description box below.

Youtube Videos on Cryptocurrencies

After watching one video on YouTube about cryptocurrencies, many of my recommended videos are now about it. I came across a few interesting videos and will talk a little about it.

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Definitely, I came across the different videos from Andrei Jikeh and Chicken Genius about Crypto but I also came across this video from Sheldon Evans and his video titled: You Can Still Get Rich With Cryptocurrency Without Investing A Lot! Here's why...

You Can Still Get Rich With Cryptocurrency Without Investing A Lot! Here's why...

In the video, he talks about why you do not need a large sum invested in cryptocurrencies to get rich because judging by the market capitalization of cryptocurrencies is about $560 billion. He compares the market capitalization of it with the financial markets and says that it definitely is a lot lesser than what it is worth. In it, he also talks about how as long as you bought it anytime before today, you will be in some sort of profit.

For me, when I watch all these videos, most them really emphasize on something and that is that cryptocurrencies solve a problem which is removing all the middleman and fees for transfer of money across the way and for payments. It also provide a true value not based on any government and yet is limited in value making it valuable in a sense. This really changes how we see cash and money as payment has gone almost digital in so many countries and cryptocurrencies really eliminate all the unnecessary fees and commissions.

US Securities and Exchange Commission (SEC) filed against XRP’s original creator, Ripple

Ripple created and sold XRP which is the third-biggest cryptocurrency by market value. Ripple, a blockchain firm conducted a US$1.3 billion unregistered securities offering and has charged two Ripple executives for personal gains they received from the offering. Coinbase, the largest cryptocurrency exchange who is also preparing for a stock market listing has suspended the trading of XRP over a lawsuit, other smaller exchanges like Bitstamp and OK coin have also followed and suspended trades of XRP.

It is some what worrying as Ripple did also mentioned that XRP is a currency, and so it doesn’t fall under the jurisdiction of the SEC. Users who trade on Coinbase will have to accept the fact that they cannot trade XRP and with Coinbase going into a stock market listing it could then be controlled by the central government even though it is the largest exchange for cryptocurrencies which are known for not being controlled by the government.

My Cryptocurrency portfolio (As of 30 Dec 2020)

I currently hold about 0.031187 Bitcoin and 0.99159 Ethereum. I bought Bitcoin at about USD 18,500 and Ethereum at about USD 575. I do see cryptocurrency as a future currency and even so now as more institutions are accepting payments through bitcoin like Visa and PayPal. I know that many people has got in earlier and at much more attractive prices. I am currently comfortable with the amount of exposure I have but will definitely slowly increase it in time to come.

There are many different types of cryptocurrencies/Altcoins and have seen many videos on them being the next big thing, as they might a chance of a 100X growth and so on. For me, I will be just sticking to Bitcoin and Ethereum which are the top 2 largest cryptocurrency. So in the long run, will add more but it wouldn't be more than my stock portfolio, that is the plan for now.

I hope you enjoy today's video and my other videos as well. Do like and subscribe to my channel. See u guys next week with a new video.

*I have purchase a cold/hardware wallet, the Ledger Nano S as my crypto assets increase in value. If you would like to purchase one as well, here is my referral link and discount code which gives you a 20% off!

*Information published here are purely opinions or feedback and should in no way be taken as guaranteed. Viewers are encouraged to do their due diligence by doing sufficient research before making any decisions based on materials on this platform.

https://www.scmp.com/business/banking-finance/article/3115622/coinbase-suspend-trading-cryptocurrency-xrp-after-u