Cryptocurrency is the popular new digital currency in which encryption techniques are used to regulate the digital values of the currency and transfer funds independently from a centralized bank or financial institution. Cryptos such as Bitcoin used to be held in what was called dark wallets and used on the Dark Web to buy goods, often illegally. It was a way to hide and protect the buyer’s identity when buying drugs, weapons, stolen information, etc.
James Panos, 23, invested $1,800 he received from bonds from his grandparents into these very same cryptocurrencies in an app available to the public called Robinhood and in just over three months has generated over $40,000 in profits.
Because of the background and unknows about cryptocurrencies, James’s parents were skeptical about their sons’ predictions in earnings when explaining to them the first time. Today’s research into the popular market shows that this younger generation of investors demonstrates the best understanding of the market while the current workforce of bankers still doesn’t even categorize cryptos as an asset. Panos was advised not to do so but went for it anyway. The first day he saw a 13% return on investment.
He understood that he wasn’t going to make money holding onto the cryptocurrencies so he began to day trade them accumulating over $20,000 in profits. From there he began to diversify his portfolio just in time for the Tesla boom. Today he now holds shares in TSLA, XLRN, STSA, GSAT, and DLPH on top of his two favorite cryptocurrencies, BTC and DOGE.
Dogecoin (DOGE) is his favorite cryptocurrency to mess around with. He day trades over 300,000 shares a day regularly fueling his buying power to further diversify his portfolio.
In one short year, Panos’s initial investment of $1,800 snowballed tallying his entire portfolio to just over $41,000 in three months! James is predicting that his portfolio will reach $100,000 in the next month unless something drastic within the market occurs.
Panos, currently finishing up his final year at DePaul University studying business administration and marketing, will turn 24 in September when he plans to broaden his business interest into possibly advising online using various social media platforms.
He plans to put sites like Reddit and Discussion forums which communities rely heavily on to gain knowledge on the market out of commission by launching an app for novice investors just starting out.