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Investing?

Sigma Investment Counselors

February 5, 2021

If you are eager to “invest” in Bitcoin you can do it with your credit card.  According to wikiHow, the first step is to create a Bitcoin wallet, or software that stores Bitcoin and other digital currencies.  When you are ready to purchase, find an online exchange that accepts credit cards.  While purchasing Bitcoin with a credit card is fast and convenient, there are risks involved.  You’ll have to pay additional fees, your credit balance will accrue interest immediately, and you’ll still have to pay off your balance if Bitcoin’s value decreases.  With what?

This is not investing.  This is a strategy that, even if you’re right about the long-term opportunity, could put you in financial jeopardy due to short-term fluctuations.

All comments and suggestions are welcome.

Walter J. Kirchberger, CFA

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