Cryptocurrency may be notoriously unpredictable, but don’t let the price volatility deter you from investing, advises Crypto.IQ Chief Visionary Officer Charlie Shrem.
“Pick something in the top 10 or 20, and look at those, learn about them, and take a stake in them,” Shrem told Yahoo Finance at the MoneyShow conference in San Francisco on Thursday. “Any crypto you’re going to buy, hold for five years. Say, ‘I’m going to lock this, and this money is locked for five years. There’s a high probability you’ll come out ahead in five years, because usually, these bull and bear markets go in two-year cycles.”
If anyone knows cryptocurrency through and through, it’s Shrem. In 2011, the 28-year-old serial entrepreneur co-founded BitInstant, a bitcoin exchange that, at one time, processed 30% of all bitcoin. Then in 2014, Shrem was arrested and convicted of money laundering and operating an unlicensed money-transmitting business. (Shrem knowingly sold bitcoin to a BitInstant user who, in turn, resold bitcoin to others who purchased drugs off Silk Road.)