Bitcoin (BTC-USD) is gaining momentum ahead of the Bitcoin 2024 conference in Nashville, Tennessee, where former President Donald Trump and Robert F. Kennedy Jr. are scheduled to speak.
Ross Mac, founder of Macanomics and Yahoo Finance contributor, appears on Wealth! to explain the basics of cryptocurrency investing and what investors new to the space need to know.
Mack suggests starting with cryptocurrency-related ETFs, such as the Securities and Exchange Commission (SEC)-approved spot Bitcoin and spot Ethereum ETF products, before owning the assets themselves.
“It doesn’t require any technical sophistication and it’s less volatile, but it does have some drawbacks. One is that you don’t actually own the underlying cryptocurrency, which has actually improved my returns so far this year,” Mack explains. “The other is fees. There are fees associated with the management company owning and buying cryptocurrency on your behalf. So if you’re looking to get started investing for the first time, maybe start with an ETF, but hopefully at some point that person will actually buy the underlying cryptocurrency.”
Tune in to more from Ross Mac as host of the Yahoo Finance series “Financial Freestyle with Ross Mac.”
For more expert insights and the latest market trends, click here to watch this full episode of Wealth.
This post was written by Nicholas Giacobino