Cryptocurrency is on the rise, and even the most traditional investors are finding it near impossible to ignore at this point. The whole crypto market has reached a cap of 2.05 billion and rising, which means it will soon be larger than the whole of the Italian economy.
Although there are over 8,000 kinds of cryptocurrencies, the vast majority of trading is done with only the top 10%, and this trading equals 91.5 billion dollars every single day, from 154 countries across the globe.
Crypto investing is obviously lucrative, and perhaps even necessary for those who want to stay at the top of the investing game. However, there are some inherent risks that may give pause. Theft and loss are two of the biggest concerns.
From 2019 to 2020, crypto theft rose from 7.8 billion to 14 billion dollars as the COVID pandemic left new open doors for cyber criminals to exploit. The biggest theft of 2021 was the Maxnaut NFT investment, which totaled $297 thousand.
Unfortunately, due to theft and losses, $10 million in crypto is lost every single day, however there is a safety net for businesses who want to invest under some form of protection. Cryptocurrency insurance is just what these businesses are looking for. It works just like traditional insurances and protects investors against theft, scams, and general losses.
