Taking a leap into something new is always a little scary. But cryptocurrencies are not just a novelty. They are the future. Ray Dalio also said they are better than banks.
You also probably trust more to keep money in your bank account, because this has been done for centuries. And this stuff seems like a prudent way to manage your savings.
It is actually quite a disaster. In this way you lose money. You donate them to banks. And you don’t take advantage of opportunities to grow your savings.
Of course I’m not talking about a few bucks. Ok that the bank account is handy. If by any chance you did, don’t think I’m saying we shouldn’t have relations with banks.
For example, they can also be useful to apply for a home loan or a loan. To get credit or prepaid cards. But not to fossilize your savings up there.
This is why;
CASH IS JUNK, IT’S BETTER TO INVEST IN BITCOIN
This concept was expressed by the legendary and authoritative Ray Dalio. He is practically the Cristiano Ronaldo of finance.
Bitcoin is the most famous and most important cryptocurrency. In many countries they already accept it even for payments, for example.
Therefore, Dalio explained in an interview that it is better to invest money as cryptocurrency in Bitcoin than to leave it in the bank.
This is the exact sentence that he said:
“Money is junk so don’t keep it in cash.”
He means in the bank account. Then he added:
“It should not be seen in terms of a substitute for cash, but rather as a means of storing value, like gold.”
Ray Dalio is 72 years old and has a personal fortune of approximately $15 billion. He also claimed to have invested a small portion of his assets in Bitcoin.
So you think he’s going to want to burn millions of dollars? Because for him a small sum means millions.
I do not think so. So I put the first step to the fear that people usually have.
And we can say that cryptocurrencies are safe. Then of course you have to get help to choose the best ones. But this is like everything.
As we have always done with a new car to buy or a house. We always get help from experts.
BANKS ARE TAKING YOUR MONEY
According to data from Bloomberg, 2.9 trillion in savings were set aside in 2020.
It is an estimate that he made based on the major economies in the world; including the United States, the European Union, the United Kingdom and China.
Also according to the Monthly Outlook ABI of March 2021 in the monthly report on the economy and financial-credit markets says this:
“In February 2021, bank deposits in the last year grew by 10.2%, with 161 billion more recorded in February 2021 compared to the same month in 2020.”
In other words, an avalanche of money on checking accounts. That is why I wanted to deal with this topic. Since being an almost millionaire Italian entrepreneur, I too had to deal with this dilemma and I informed myself.
Well, know that if you are among these thousands of savers you are doing a favor to those who already have infinite liquidity. Like thousands of trucks loaded with banknotes lined up.
There is a very interesting investigation that Forbes has done. Highlight three key points that make you understand that the current account costs in the meantime:
– The average overdraft fee among US banking institutions in 2021 is $24.93.
– Monthly maintenance fees average $5.14 in 2021 for all types of institutions (traditional banks, online banks, and credit unions).
– The average fee for using an offline ATM is $1.77.
In addition to this, there is inflation that makes your accumulation of savings lose value.
I’ll give you an example.
The increase in prices, assuming inflation at 2% per annum, can have this effect on a capital of $20,000 over a period of 10 years: your dollars will be worth the equivalent of $15,600.
In other words: if today with $20,000 you can buy a mid-range car. In ten years you can perhaps buy us a small car.
Do you understand where the catches of keeping a lot of money in the bank are? You risk losing and eroding your capital every year.
All major finance experts recommend investing money. And cryptocurrencies have a huge margin for growth over the next 10 years.
WHAT IF YOUR BANK FAILS?
As Reuters explains, the Federal Deposit Insurance Corp (FDIC) guarantees deposits of up to $250,000 per person per bank.
This limit was enshrined in the 2010 Dodd-Frank reform law passed following the 2008 financial crisis.
That is, if you have more than that amount in your bank account and the bank fails, you lose your money and no one gives it back to you.
Now I can assume that most savers don’t have that much money. But for example in Italy that guaranteed ceiling of money reaches up to 100 thousand euros. So less. And Italian savers are therefore more at risk.
But it is interesting to know that as Reuters always says:
“Of the $14.5 trillion in US bank deposits at the end of 2019, around 60% were insured. According to FDIC data. While as much as $5.8 trillion was not insured.”
It is a great part that makes you realize how much money could be burned overnight.
So if you have a lot of them you can get screwed like this. If you have few of the expenses of the bank account that costs and inflation, you are screwed anyway.
I repeat that cryptocurrencies are there waiting for you:
From the beginning of 2021 these are the performances of the three best known cryptocurrencies at the moment:
– Bitcoin: 72%
– Cardano: 460%
– Ethereum: 400%
There is nothing else to add.
Now if you want to have fun, and read absurd news follow my Twitter profile. It will soon become one of the most controversial and crazy on Twitter
Nico Nobili —Alias SirNickNite
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Alias Nick Nite is the founder of Sybershel and is an Italian entrepreneur who is almost a millionaire. He was born in Santa Margherita Ligure in the region of Genoa. He has always been passionate about Tech.
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