While watching the Super Bowl, you probably saw some interesting advertisements by cryptocurrency companies, but here’s what to know before buying in.
While watching the Super Bowl, you probably saw some interesting advertisements by cryptocurrency companies like FTX, eToro and Crypto.com, among others, touting crypto to the masses. Coinbase, for example, aired a 60-second commercial featuring a bouncing QR code. Once scanned, it led to a promotion offering $15 worth of free bitcoin to new users who sign up for its platform. This generated so much buzz that the Coinbase app and site briefly crashed. FTX titled its commercial “Don’t Miss Out with Larry David,” where David jokingly mocked important inventions, from the wheel to the light bulb. At the end, David also dismisses FTX, and the screen said, “Don’t be like Larry. Don’t miss out on crypto, NFTs, the next big thing.” Others had similar takes, including eToro. Throughout its commercial, the song “Fly Me to the Moon” played, which was a nod to the crypto community’s belief that crypto prices will soar “to the moon.” It can be exciting, and for some, there’s a real fear of missing out. But, it’s important to understand the risks of cryptocurrency before buying in. It may be difficult to take a step back amid the hype, but experts recommend being careful, understanding the risks and taking time to research. They deem cryptocurrency to be a volatile and speculative bet, and in turn, warn to only buy as much as you can afford to lose. Here’s what to know before investing in cryptocurrency. Do your research It’s important to truly understand bitcoin, cryptocurrency or any asset prior to investing. ″’Educate before allocate’ is a phrase that me and my friends are using,” Douglas Boneparth, certified financial planner and president of Bone Fide Wealth, previously told CNBC Make It.
