Bitcoin (BTC-USD) has gained steam in the days leading up to the Bitcoin 2024 conference in Nashville, Tennessee, where former President Donald Trump and Robert F. Kennedy, Jr. are scheduled to deliver speeches.
Macanomics founder and Yahoo Finance contributor Ross Mac joins Wealth! to break down the basics of crypto investing and what investors new to the space need to know.
Mac suggests starting with the ETFs associated with crypto before owning the asset itself, such as the spot bitcoin and spot ether ETF products approved by the Securities and Exchange Commission (SEC).
"You don’t got to be technologically advanced, as well as it’s going to be less volatile. However, there are some cons: One being you don’t actually own the underlying crypto. And owning the underlying crypto, you have seen the returns actually be better year to date," Mac explains "And another thing are their fees, right? There are fees associated with those management companies owning and buying the crypto for you. So if you’re just trying to get your feet wet, maybe you can start with ETFs. But at some point I would like for that person to actually buy the underlying crypto."
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