- A recent survey reveals owning cryptocurrency could make you a more desirable romantic partner.
- There are other reasons to invest in crypto outside of opening up your dating pool.
Here's another reason to consider buying digital coins.
Cryptocurrency has grown increasingly popular in recent years, and it's helped many investors grow their wealth. But it may have also helped some people improve their dating prospects.
CNBC reports that according to a recent survey by eToro, 33% of Americans would be more likely to go on a date with someone who owns cryptocurrency -- and mentions that in their dating profile. And almost 75% would be more interested in going on a second date if the first date were paid for in Bitcoin.
Should you invest in cryptocurrency?
While one specific survey points to a correlation between owning cryptocurrency and romantic appeal, the reality is you shouldn't buy crypto to improve your love life. Rather, you should buy cryptocurrency because you feel it's a good investment for you.
One thing you should know about cryptocurrency is that it's a fairly risky investment -- more so than stocks. The reason? It's hard to predict whether cryptocurrency will be around in 20, 30, 40, or 50 years, and whether its value will continue to grow.
Granted, you can say the same about stocks. A company that's doing well today could fold in 10 years. But stocks in general have been around for centuries, whereas Bitcoin, the first cryptocurrency, has only been around for a little over a decade. When you compare that to the many companies that have been trading publicly for 100 years or more, it's easy to see the difference in risk.
It's also hard to know how widely accepted cryptocurrency will become as a form of payment. If it doesn't get widely adopted, that could shrink its value.
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Plus, we don't know what regulations might come that make crypto a less appealing investment. And if tax changes grow increasingly unfavorable to owners of crypto, the demand for it could plummet, rendering it a lot less valuable than it is today.
Finally, cryptocurrency can be extremely volatile. Granted, the stock market can be, too, but the crypto market has shown itself to swing even more wildly. If you're going to put money into it, you'll need to make sure you have a solid emergency fund to fall back on if the need for cash arises at a time when your portfolio is down.
A boon to your dating life?
Many people have struggled to date during the pandemic, and understandably so. If you've had a similar experience, it definitely pays to check out different dating sites and put yourself out there. But should you load up on cryptocurrency in the hopes of landing a date? Probably not.
You may decide to buy cryptocurrency because you want to diversify your portfolio, and because you've done your research and are willing to accept the risks involved. But owning digital coins won't necessarily guarantee you success in the dating world, so you're better off building an investment portfolio that aligns with your personal goals and comfort level.
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Maurie Backman has no position in any of the stocks or cryptocurrencies mentioned.
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