Explain the trend of ‘people, home’ all hands on digital assets despite the risk of losing money

On a Monday evening, days after a major cryptocurrency exchange got listed on the stock market, hundreds of women held an online “meeting” to discuss Bitcoin. Claire Wasserman – Co-Founder of Ladies Get Paid, the company that co-organizers the event, is amazed at the number of participants.

This shows that “how rich everyone wants to be“She described the huge change in how life, work and trading were all driven by the crypto market,” Wasserman said.I don’t want you to miss this opportunity in the future. “

At the event, a woman said she used the money normally spent on shopping to convert it into electronic money during the pandemic. Since November, the amount has doubled in value.

There, a group of KOLs encouraged these women to buy and hold Bitcoin as an investment, even as little as $ 5 or $ 25. They offer advice on security, privacy, taxes and digital wallets. In addition, they introduce crypto startups as a place for these people to look for job opportunities.

The event ended with a call: “Break down financial patriarchy! “

This type of discussion usually takes place in group chat rooms, topics on Twitter, Zoom or Clubhouse across the US, in the context of the digital wave affecting people through art, sports, and awards. intelligence and communication. In the process, with, Bitcoin and cryptocurrencies, investors range from curious to puzzling and ultimately become viable investments. This asset class has helped many people become rich.

As a result, the Dogecoin meme digital currency has become a hot topic on CNBC. Meanwhile, crypto exchange Coinbase currently has a market cap of $ 58 billion. WeWork also accepts real estate rentals with digital currency. Children can even take a blockchain course. And famous stars like Lindsay Lohan constantly share tweets about Bitcoin.

All of these developments are part of the new “YOLO FOMO LOL” economy. Here, “stonk” (the word for sarcasm of bad financial decisions) only goes up and memes are seen as financial advice. In addition, this was also the time when the Fed was massively pumping money to support the economy and the K-shaped recovery aroused concerns about similar developments in the 1920s.

Meanwhile, the “believers” and veteran crypto experts assert that this technology is possible, has the ability to change both the financial system and the global internet. People and homes seem to be getting richer, or they both sell cryptocurrencies, or predict a revolution.

However, cryptocurrencies are very volatile, risky and easy to create a bubble. As can be seen, investors have earned a lot and also lost a lot when pouring money into this field. Some people even use blockchain without really understanding how the technology works.

Daniel Ives, stock market analyst at Wedbush Securities, said: “The Bitcoin frenzy is not temporary. This is the beginning of a new era on the digital ‘front’.”

In short, at least for now, digital money is considered an effective investment channel. There have been tales of teen digital millionaires, or a pizza bought with Bitcoin that now costs millions of dollars. In other words, not investing digital money is missing out on opportunities to get rich.

For example, a non-art man named Beeple sold an NFT painting for $ 69 million. Then many others have asked the question: Why isn’t it me?

Mark Greenberg, a photographer, had that in mind in March, when he auctioned a previously unpublished NFT painting. The price level has risen to 100,000 USD. He was pleased that this money would help him do so much when the pandemic disrupted his earning opportunities. However, Greenberg began to worry.

The proceeds of the painting are held in a digital account that only he has access to. So, what if he dies suddenly? As a precaution, he added his goddaughter’s fingerprint to the phone. However, this action triggered security measures and permanently deactivated his crypto accounts.

After that, the joy suddenly turned into horror. Currently, Greenberg does not receive royalties every time his NFT is sold.

NFT sales also experienced some impersonation issues, counterfeit transactions and digital assets not being delivered to buyers, auction site malfunctioning, and sellers having difficulty withdrawing funds. In addition, concerns about energy consumed in such transactions are also growing.

Nick Tomaino, founder of a fund focused on digital money 1confirmation, said: “It is clear that we are in an NFT bubble. “

Although disappointed with the account deactivation, Greenberg is still very excited about NFT. He planned to auction some more paintings and set up a new account.

Marc P. Bernegger bought some Bitcoin for 7 USSD in 2012 and gave it to a friend. He tried to explain that the potential of this technology is far beyond the regular currency, but they don’t really care.

However, nowadays, when Bitcoin recently hit $ 63,000, very few of them have access to Bitcoin wallets. Even with Bernegger, in the past, he did not consider this an investment, but used it to buy Bitcoin magazine and the betting game Satoshi Dice, then sell the rest for $ 30.

Now, Bernegger is an investor at Crypto Finance Group – a Swiss wealth management and brokerage firm. Therefore, friends are looking to him for advice on investing digital money. Bernegger said: “Buy and hold for the long term, ignoring the volatility. If you really believe in it, buy it for your child later. “

Currently, large and small investors are flocking to the crypto market. Recently, Goldman Sachs and Morgan Stanley announced plans to give wealthy clients access to crypto funds. PayPal and Venmo have added digital shopping and transaction features.

Bitcoin Frankie – an influencer in the crypto world, was attracted to cryptocurrencies last year, after the pandemic caused her entire event to be canceled overnight. She checked her forgotten digital wallet account for a while and was amazed at the dizzying value. Therefore, she started to learn about this transaction and shared it on social networks.

She said: “I have ‘all hands’ with this type of property“Event work is back now, but Frankie isn’t sure he wants to continue. Currently, crypto companies are hiring her to advertise new projects, and she’s also brainstorming ideas for a money startup. number.

Influencer shares: “The community is really passionate. A lot of people have come to invest, but then they stick with it because they realize this is the new internet. “