CoinDesk: “Is an All-Crypto Lifestyle Possible?”
CoinDesk, Feb. 23, 2022 — “What should you consider when making the big switch from fiat to crypto,” asks reporter Megan DeMatteo in today’s CoinDesk article featuring Marguerita Cheng, CFP® Pro.
“So you’ve made your first bitcoin purchase, you’ve learned how to buy goods and services with cryptocurrency, you finally have a MetaMask wallet – and now you want to know if an all-crypto lifestyle is possible,” Megan writes. “Like Alice in Wonderland, prepare to go down the rabbit hole. But first, let’s take the trip intellectually, looking before we leap and considering exactly how a person would have to switch their bank accounts to live a 100% cryptocurrency lifestyle.”
“Most financial planners would never advise this strategy in case of a crypto market crash or, at the very least, massive crypto hacks, Marguerita explains. “Don’t pay attention to everything that is in the news that is so sensational. If you start to follow that you’re going to get caught up in fads, not trends.”
While bitcoin and the future of crypto aren’t, according to Marguerita, a fad, the market is still relatively new and we have limited data to make calculated projections. “There’s a difference between investing, saving, and speculation. We need to learn how to save so that we can invest, and we need to invest to build wealth. Cryptocurrency is very volatile.”
Nonetheless, you can still put a portion of your money that you’re willing to risk in exchange for potentially high returns in a crypto savings account. After all, the road to a 100% crypto lifestyle is paved with baby steps, especially while we wait to see how things unfold.