Get Up to 50% OFF New Products StylesTweezersScissors * Limited time only.

A cryptocurrency boss has given his three top tips for investing in the likes of

A cryptocurrency boss has given his three top tips for investing in the likes of Bitcoin.

Since early April, Bitcoin has dived from $80,000 to $50,000 now, losing value as the Australian share market this week hit record highs.

Little more than a year ago, one Bitcoin was worth just $13,000.

It surged during the pandemic and peaked as American billionaire Elon Musk flip-flopped on accepting the cryptocurrency as payment for his Telsa electric cars – citing environmental concerns about high-powered computers.

Jeremy Ng, the Singapore-based Asia-Pacific managing director of cryptocurrency trading platform Gemini Trust, said volatility was to be expected considering this type of asset had only been around for 13 years.

‘We should take a step back and realise that cryptocurrencies as an asset class is still relatively young,’ he told Daily Mail Australia.

‘Like any asset class when they’re maturing, the volatility will also slowly decrease.’ 

A cryptocurrency boss has given his three top tips for investing in the likes of Bitcoin. Since early April, Bitcoin has dived from $80,000 to $50,000 now, losing value as the Australian share market this week hit record highs

A cryptocurrency boss has given his three top tips for investing in the likes of Bitcoin. Since early April, Bitcoin has dived from $80,000 to $50,000 now, losing value as the Australian share market this week hit record highs

Bitcoin, created in 2008 as a store of value, has a market capitalisation of less than $900million, compared with $14.5trillion for gold. 

But Mr Ng predicted Bitcoin as the dominant cryptocurrency would one day surpass gold as institutional investors like big companies dominated the sector instead of individuals trying to get rich quick.

‘Gold started as a medium of exchange but nobody’s using gold as a medium of exchange anymore,’ he said.

‘It has become a store of value, that’s how I look at Bitcoin as well.

‘It was built to be a form of transaction but as it evolved, there’s a stronger characteristic Bitcoin is like gold to become a store of value.’

Little more than a year ago, one Bitcoin was worth just $13,000. Jeremy Ng, the Singapore-based Asia-Pacific managing director of cryptocurrency trading platform Gemini Trust, said volatility was to be expected considering this type of asset had only been around for 13 years

Little more than a year ago, one Bitcoin was worth just $13,000.

Jeremy Ng, the Singapore-based Asia-Pacific managing director guy gets erection of cryptocurrency trading platform Gemini Trust, said volatility was to be expected considering this type of asset had only been around for 13 years

Share this post