Joey Swoll: “I’m a crypto believer”
Cryptocurrency, normally shortened simply as crypto, has been booming in popularity over the past few years. Odds are you’ve heard about crypto bigcoin, dogecoin, and Elon Musk’s name popping up non-stop in the news recently. So you’re probably asking yourself, is this truly a new currency innovation that’s here to stay? Or is it a trend with a bubble about to burst? Joey Swoll is a bodybuilder with his hands in crypto providing a bridge between this popular trend and the bodybuilding world. In our latest GI Exclusive, Joey Swoll explains crypto in detail and whether or not you should try investing or avoid it before everything comes crashing down.
Joey Swoll is a bodybuilder who is also a successful entrepreneur. His various successes showcase that he is a bodybuilder with business savvy. So when he starts publicly promoting crypto to his following – it’s something to take note of. That’s why during our recent interview, we decided to ask Swoll about his interest in crypto – and everything he knows about dogecoin, and Elon Musk’s recent headline-grabbing actions.
More specifically, we asked Joey Swoll to share his thoughts – is crypto a currency that will rule the future? Or is it a bubble about to burst? Is it smart to invest now during the rise of its popularity? Or is it all misleading hype created by a strong media narrative? Is it even possible to know now what will happen to this speculative market?
Joey Swoll admits that he is by no means a master but has begun working with individuals who have been involved with crypto for over six years. He considers himself a “crypto believer” and strongly believes that the currency will remain relevant in decades to come. However like any investment, nothing is guaranteed. His number one advice before diving into the details is this – don’t invest anything that you’re not willing or able to lose.
Check out our GI Exclusive segment with Joey Swoll above!
That being said, Joey Swoll believes it is possible to invest smart – and that there are a lot of gains to be made in crypto. The key is to not be intimidated and start learning as much as you can before the entire market becomes normalized by the mainstream.
The second most important thing Joey Swoll advises is that not all crypto coins are created equal. Some are actually associated with services provided – and thus have more security in their value. Others are only valuable simply because people have had faith behind the brand itself. These could certainly succeed but are also subject to potential volatility.
The perfect example of this is dogecoin. A cryptocurrency that came into existence via a meme. What started off as a joke has become a bonafide cryptocurrency rising in value daily. So much so that Elon Musk put his faith in it. This, of course, skyrocketed the value further.
So what’s Joey Swoll’s opinion on more meme-friendly crypto coins like dogecoin and everyone’s obsession with Elon Musk’s involvement? Is it just overblown hype that will all collapse? Or is there true value worth investing in? Joey Swoll believes that dogecoin will be around for a while though it’s not as much of a guarantee as something like bitcoin.
Joey Swoll impresses how important faith in branding is during the early stages of crypto (or any business really). If people believe in the brand and hold passion or affinity for it – it will make people choose that brand over others. Even if that brand isn’t better or worse than competitors.
The dogecoin brand has been wildly popular due to the doge meme existing for at least a decade prior to the coin’s creation. When Elon Musk publicly announced his faith in dogecoin – that cemented the brand as something that will stick around. Of course, nothing is ever certain and the huge drop after Musk’s SNL appearance might remove steam from the brand.
At the same time, this extreme volatility is expected for speculative markets. In the big picture, strong brands will stick around. So Swoll suggests that those interested shouldn’t fear dogecoin because of the recent drops in value.
Ultimately, Joey Swoll reminds again that all investments should be spent with caution. If you’re not willing to lose the money, or can’t afford to, you shouldn’t make the investment. But he also believes crypto is a safe investment long term. “It’s the future,” Joey Swoll comments. “Everyone should learn about crypto.”
You can watch Joey Swoll’s full comments on all things crypto in our latest GI Exclusive interview segment above.