Cryptocurrency support

Tykr does not support cryptocurrencies. Cryptocurrencies are actually a different asset class then stocks.

In summary, stocks are businesses whereas cryptocurrencies are digital coins.

You can calculate where businesses are going because you have historical data. Long story short, Tykr works by analyzing 5 years of historical data from the financial statements (income statement, cash flow statement, and balance sheet). The stronger the financial statements the better the investment. When using Tykr, you want to find businesses with a higher MOS (Margin of Safety) and higher score.

You cannot calculate where digital coins are going because there is no historical data to calculate growth projections. The prices simply move up and down based on who’s buying and who’s selling. There are no revenues, sales, assets, liabilities, debts, and equity like what you have with a business.

Personally, I believe a cryptocurrency will definitely be the future as standard currencies will indeed go away. In fact, I believe the world will some day have a single cryptocurrency (which is a scary thought in itself). The question is, which cryptocurrency will be the standard around the world? Today, nobody can answer that question. In this case, betting on a specific cryptocurrency is like putting your chips on black. It’s gambling and gambling is an unwise strategy for creating wealth.

It’s wise to invest in businesses because you can calculate where businesses are going.