“Most people are in need of money now, so it can be a deterrent to invest if someone is dependent on income at that moment”
Though 2020 has pushed many Americans into financial hardship, alternative currencies and investment options, such as cryptocurrency, continue to pique their interest.
For instance, Blockchain, a top-rated international crypto company, manages roughly 65 million wallets, allowing investors to purchase, and sell crypto transactions with ease.
Such circumstances have forced some D.C.-area millennials to weigh their options and explore the competency of the trade.
“They say you can make some money off of the investment, but what do you do in the [meantime] is my concern. You have to wait for that money,” said Dominic Chittams, a music producer and owner of No Nonsence Studios in Beltsville, Maryland.
Chittams said he has wrestled with the decision to invest in cryptocurrency over the last year. The pandemic’s stifling effects on the economy inspired his research and consideration to purchase Bitcoin and Ripple cryptocurrency.
A survey of more than 2,000 adults conducted by The Harris Poll and Blockchain Capital found that people between the ages of 18 and 34 showed a higher awareness of cryptocurrency than their counterparts above the age of 65.
As recently as January 12, Bitcoin stocks have reportedly dropped 10 percent because the value rate is continuously fluctuating. Darnell Parker, a banking expert, explored the adverse effects of how the economic market is afflicting Bitcoin, and other cryptocurrencies.
“Early in 2020, around January through May, if you had bought cryptocurrency, you could have been in some of the key cryptocurrencies, making four- or 10-times your money,” Parker recently explained on WOL-AM’s Carl Nelson Show. “But in the past two months, there has been a big push for people to get into the cryptocurrency,” he added. Despite
cryptocurrency’s rising profits early last year, the Federal Reserve and financial institutions have recently halted efforts to push money into the market due to changes to the lines of credit that move money through these variant payments.
Consequential to credit facility closures at the top of this year, the Federal Reserve is now pulling money out of the cryptocurrency, and stock markets, essentially drawing funds back into its pockets and causing Bitcoin investment rates to skyrocket.
“In the last week a lot of celebrities were telling people to buy cryptocurrency, but now it’s on the high end,” Parker told radio host Carl Nelson on January 12. “Buying bitcoin at $30,000 or higher during the end of last year, or beginning of this year is too high. You should have bought Bitcoin back when it was $3,000 to $6,000. That would have been a smart buy because you make money when you buy it, not when you sell.”
Even though cryptocurrency markets continue to fluctuate, leading companies, as has been the case for nearly a decade, have applauded Bitcoin in particular, finding it a leading asset in today’s virtual spaces.
“Bitcoin is a remarkable cryptographic achievement, and the ability to create something that is not duplicable in the digital world has enormous value,” Eric Schmidt, executive chairman and former CEO of Google, reportedly said in 2018.