Related Stories
Grandpa had a pension. This generation has cryptocurrency
Key Excerpts from Article on Website of The Independent (One of the UK's leading newspapers)
Posted: September 4th, 2017
http://www.independent.co.uk/news/long_reads/grandpa-had-a-p...
Most readers have probably heard of Bitcoin, the digital coin that dominates the cryptocurrency market. It has gained notice both because of its skyrocketing value (from less than a cent in early 2010 to around $2,600 currently). But do you know Ethereum, with a total value of coins in circulation of close to $20 billion? Then there are more than 800 lower-value and often creatively named coins among those listed on Coinmarketcap.com. After years as a niche market for technologically sophisticated anarchists and libertarians excited about a decentralised financial network not under government control, digital coins may be on the verge of going mainstream. Cryptocurrency has understandable appeal to millennials, who came of age during the 2008 financial crisis. Theres a low cost for entry, you dont pay a lot of fees and millennials are the most tech-savvy, said John Guarco, 22. Like most of the people interviewed for this article, [Guarco] asked that names of the coins he has invested in not be published. Unlike previous generations, many of these greenhorn investors dont have pensions, are mistrustful of saving money in mutual funds, and are fully accustomed to owning digital assets. As traditional paths to upper-middle-class stability are being blocked by debt, exorbitant housing costs and a shaky job market, these investors view cryptocurrency not only as a hedge against another stock market crash, but also as the most rational, and even utopian, means of investing their money.
Note: The media has given surprisingly little coverage to the huge gains of bitcoin and other digital currencies. If you had invested $1,000 in Bitcoin four years ago when the price was about $110 per coin, your investment would now be worth nearly $44,000, a whopping 40 times increase. The fact that the media is covering this so little suggests that the price may continue to rise as more people find out, though this is highly speculative and uncertain.
Related Stories
Latest News
Key News Articles from Years Past
