Q: Bitcoin
I am just exploring investing in Bitcoin and moving up the learning curve regarding Bitcoin Wallets, Companies, ETF's etc. This is for a small "1/2%" position to aid my overall understanding and determine if this is something of interest. My initial thoughts after doing some reading that this is a risky "commodity" to enter into.
1: Currently, I only have a rudimentary feel for potential gains and / or pitfalls. I have heard promoters say it could potentially be $300,000+ in a few years, perhaps $50,000 within a year. Do you have any comments you could offer on Risk/Reward aspects?
2: What is the best way to invest in Bitcoin? WealthSimple has trading in Bitcoin on their App (Similar to PayPal I assume, which we cannot access her in Canada.), there are several "Bitcoin Wallets" out there, ETF's as well. I hear fees to make transactions are not always transparent. WealthSimple trades for Bitcoin are funded by the spread quoted.
The bottom line is, for very small speculative positions, I am unsure if Bitcoin should be a consideration or if I should stick to small growth stocks? What advice would you offer me?
Thanks
I am just exploring investing in Bitcoin and moving up the learning curve regarding Bitcoin Wallets, Companies, ETF's etc. This is for a small "1/2%" position to aid my overall understanding and determine if this is something of interest. My initial thoughts after doing some reading that this is a risky "commodity" to enter into.
1: Currently, I only have a rudimentary feel for potential gains and / or pitfalls. I have heard promoters say it could potentially be $300,000+ in a few years, perhaps $50,000 within a year. Do you have any comments you could offer on Risk/Reward aspects?
2: What is the best way to invest in Bitcoin? WealthSimple has trading in Bitcoin on their App (Similar to PayPal I assume, which we cannot access her in Canada.), there are several "Bitcoin Wallets" out there, ETF's as well. I hear fees to make transactions are not always transparent. WealthSimple trades for Bitcoin are funded by the spread quoted.
The bottom line is, for very small speculative positions, I am unsure if Bitcoin should be a consideration or if I should stick to small growth stocks? What advice would you offer me?
Thanks