These days, most people are either on the crypto train or vehemently against it. However, there are still a select few who find the concept interesting but haven’t decided if it’s worth getting into just yet. Well, those are the people we’re here to address today with our guide on getting into crypto in 2023. Of course, the decision will be entirely up to you—we’re just here to lay out the facts.
2022 Wasn’t as Bad as People Say
Even though the FTX crash had a widescale effect on crypto, it’s not the end of the industry as we know it. We’re just currently in a downtrend because of it. It’s difficult to know if this downward trend is still going or slowing down at this point, but at some point in 2023, most people expect crypto’s value to rise again, which is why we need to keep our eyes on the future.
The Current Potential Is Huge
This downtrend means that the current potential of getting into crypto sometime in 2023 is huge. In the world of investment, most markets follow the same type of cycle:
Since we’re in the downtrend now, and this process is a cycle, we’re going to hit accumulation again sometime soon. When prices are low, it’s the perfect time for potential investors to start buying up coins again, which will start to increase their value, leading to an uptrend.
The trick is figuring out when exactly to buy. If you jump in too early, you could lose more money than you gain. If you’re too late, you won’t gain nearly as much as those who bought in before you did. There’s a perfect middle point in the accumulation period that will result in the best returns on your investment.
Inflation Isn’t Getting Any Better
Another important aspect to keep in mind is that the current inflation of government currencies isn’t getting any better and isn’t expected to for the next few years. That means investing in another form of currency might be the smart long-term goal. While crypto isn’t the most stable option at the moment, many expect it to level off someday and become a much more viable option for real transactions. Click here for what is a hedge against inflation.
There Are Other Options
If you’re not ready to invest your savings directly into the crypto markets, that’s okay. Other options are out there that will give you a good start for getting involved in cryptocurrencies. One of the most popular is crypto mining.
Before getting started, it’s a good idea to look into beginner tips for Bitcoin mining. An important factor to consider is that the upfront cost of a mining rig won’t be cheap. However, the upside to this is that you have a tangible asset that you’ll be able to sell back one day once you’ve mined enough coins, making it a worthwhile investment.