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Cryptocurrency: ripe or risky?

As the Wall Street Journal reported on Wednesday that some large firms are contemplating wading into the cryptocurrency market, some young local investors in central New York are doing more than contemplating it;

Posted: Dec 20, 2017 5:36 PM
Updated: Dec 20, 2017 5:43 PM

As the Wall Street Journal reported on Wednesday that some large firms are contemplating wading into the cryptocurrency market, some young local investors in central New York are doing more than contemplating it; they're getting their feet wet, and sharing their excitement on social media about their investments in the phantom dollar. A local financial advisor who's been helping people grow their money for 30 years cautions: tread carefully in these uncharted waters.

"I think it's a bad idea right now until the government can actually regulate it, collateralize it, figure out how it can be used and controlled. There's no policing of it right now," says Honorine Wallack, of M. Griffith Investment Services.

Wallack expects cryptocurrency to be around for a while, taking a somewhat volatile course.

"It's so big part of the virtual that you're probably gonna see peaks and valleys of it, peaks and valleys of it for probably a protacted period of time, ten years, till they can probably.... if it's for real, they're going to have to find some underlying value. It's gonna have to be tied to something. Does that make sense? ou're gonna have to have it collateralized against something, just like this is," said Wallack, holding up a dollar bill.

As is the case with any rollercoaster ride-part excitement, part risk- the key is knowing when to get off.

"The key to investing in the market in the short term is to know when to get out," said Wallack.

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