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Is Getting Into Cryptocurrency Right for Your Wallet?
Bitcoin (BTC-USD) has gained momentum in the days leading up to the Bitcoin 2024 conference in Nashville, Tennessee, home to former President Donald Trump and Robert F. Kennedy, Jr. scheduled to deliver speeches.
Founder of Macanomics and Ross Mac, Yahoo Finance contributor joined Wealth! to break down the basics of cryptocurrency investing and what investors new to the space need to know.
Mac suggests starting with crypto-related ETFs before owning the asset itselfsuch as the Spot Bitcoin and Spot Ether ETF products approved by the Securities and Exchange Commission (SEC).
“You don’t have to be technologically advanced, and the market will be less volatile. However, there are some downsides: one is that you don’t actually own the underlying cryptocurrency. And by owning the underlying cryptocurrency, you’ve seen better returns year-to-date,” Mac says. “And another thing is their fees, right? There are fees associated with the asset management companies that own and buy the crypto for you. So if you’re just trying to get started, maybe you can start with ETFs. But at some point, I’d like that person to actually buy the underlying cryptocurrency.”
Find out more about Ross Mac as host of Yahoo Finance Series Financial Freestyle with Ross Mac
For more expert insights and the latest market action, click here here to watch this full episode of Wealth!
This post was written by Nicolas Jacobino