Are you a fan of virtual currencies? Have you joined the bandwagon of virtual currencies?
I admit that I am not. I did just hear from a Financial Advisor who stumbled upon one of my postings and wanted to get together to discuss the benefits of virtual currencies. Apparently, they aggressively utilize them in their client’s retirement portfolios.
Did you know that there are over 18,000 cryptocurrencies in existence as of March 2022? Though many of these cryptos have little to no following or trading volume, some enjoy immense popularity among dedicated communities of backers and investors.
I have a client who is actively investing in 3 or 4 of them. I am also meeting with another later today as of this writing to review their taxes and their adventures with virtual currency.
I believe that virtual currencies are here to stay, but I doubt there will be more than a handful that will actually retain any value. I look to the Euro for the basis of this claim. It made sense for all of Europe to unite under a single currency for ease of doing business. I expect the same to come from virtual currencies.
Maybe this is the road to China’s uses take over as the currency of the world versus the US dollar…