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Crypto vs Property.....

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Writing as a lettings agent, Crypto is a hard one to ignore. I find the subject comes up in conversation a whole lot now. The amount of business conversations I have overheard surrounding Crypto is quite noticeable. During the lock downs, everyone had more time to look into Crypto and I think it's fair to say that we went through periods with more expendable income (peoples money just couldn't be spent in the usual way). Hence, people decided to try Crypto.

So, yes - I had a stab at getting an understanding and participating in a little Crypto and went through steps of first using some of the obvious and well known exchanges. Then I started getting deeper understanding and I next needed a cold wallet (Nano or Trezo wallet) in order to really keep the crypto currencies protected (I learned that the exchanges can get hacked. Mt. Gox a famous example). I started becoming interested in some of the more obscure currencies and remember trying to jump through hoops to buy the currency. I was at that point also learning about "rug pulls" (crypto currencies that aren't what they seem and essentially a scam). Is it all a scam?

I do think Crypto is here to stay and I have also learned about ideological reasons for Crypto (certainly Bitcoin). El Savador has made Bitcoin legal tender and Mark Cuban (owner of the Dallas Mavericks NBA basketball franchise) announced that the franchise would accept Dogecoin (for buying game tickets and store items etc). Oh yes, and the Elon Musk Dogecoin thing....probably Crypto's box office event to date? For those that don't know, Elon Musk essentially manipulated the catapulting rise of the Crypto currency Dogecoin. Exciting, concerning, and a bit tribal all at the same time.

Crypto has stagnated for a few months now, and I am sure a Crypto advocate would say this is the perfect time to be of course investing. Then, you have the Bitcoin maximalists that believe Bitcoin is the only true decentralised currency. It's the decentralised argument that I particularly find interesting. COVID has led to some big questioning of the traditional financial and political system models. Believers in decentralised systems believe that something like Bitcoin and certainly block chain systems are imperative for future liberty.

How do I tie this in with property? Do I think that rents in the future could be paid with Bitcoin as a mainstream option? Yes, it's possible. It could come down to the individual choice/agreement between Tenant and Landlord. Could I see estate agents accepting Bitcoin as a currency....yes. The timeline for this to ever happen, I would struggle to predict.

One of the early bits of advice I consumed with regards to approaching Crypto was to only invest what you are willing, can afford to lose. I would of course argue that the main bulk of anyone's investment would always be safer in property. Crypto markets are open 24 hours. This can be a 24 hour hands on the wheel job (flipping your investment from Crypto coin to coin. Riding the waves). That is not for everyone and arguably risky and stressful.

Investing in bricks and mortar is one, if not the ultimate classic principle of investment advice. I don't ever see this changing. It will always be seen as one of the safest ways to invest. Some would argue that it's no longer as desirable. Too much red tape, too much tax, too much legislation. However, you can't deny it's a safe investment.

Do you watch Tik Tok? Has anyone seen @callmetoksy who walks around Knightsbridge, London and taps on the car window of any super car driver he can stop? The driver will reluctantly wind down their window and react cautiously to the camera phone thrusted into their face. @callmetoksy asks: "what is your favourite Crypto currency"? This is always interesting and entertaining viewing. The answers vary quite widely: Bitcoin, XRP, Dogecoin, Ethereum, Binance, Solana, Ada Cardano, AVAX, Shiba, to name a few.....my point is, with such a varied opinion, Crypto overall should be taken cautiously.

So don't forget about that Victorian age thing called property. Yes, things go wrong (properties need maintenance and Tenants need support), and the property investment life cycle can feel very slow sometimes. However, as slow as it can feel, maybe that's why property investing is a bit more in tune with the ebb and flow of life 😊. I would argue wider Crypto investing is a bit like driving a super car....it could be the fast life and a thrill, but all turn out to be a bit costly if not careful.

@callmetoksy's Crypto videos can be viewed on: https://www.tiktok.com/@callmetoksy?lang=en

11/04/22