6/27/2023 0 Comments Hold the line meme![]() "Obviously it's great when the gains come, but for me, truly something that I believe has the potential to revolutionize monetary regimes throughout the world." A distrust with traditional institutions "I'm comfortable losing it because I make sure that I have all my bills paid," she says. Reichel is extremely bullish on bitcoin's future value, but only invests what she can afford to lose. Many financial experts view cryptocurrency as a speculative, volatile and risky investment that can be susceptible to fraud.īut this doesn't worry Reichel, Scanlon and Kilbride much, in part because they're intentional with their investments. "The risk was worth it because I liked the technology." "As I began to understand the blockchain and the technology behind it, that is when I felt comfortable saying 'OK, even if I invested when bitcoin was priced at $60,000 and it drops down to, let's say, $20,000 or even lower, I can still support it, even if I lose money in the endeavor,'" Kilbride says. In lieu of a full-time job, she currently day trades and sells NFTs of her social media content to earn income. She has just a few hundred dollars invested in cryptocurrency, but plans to continue to grow her holdings. Kilbride began investing in bitcoin and ether earlier this year, starting with small amounts here and there. Kayla Kilbride, a 24-year-old known on financial TikTok as with more than 108,000 followers, has "a growing confidence in bitcoin and ethereum specifically," due to the capabilities of each blockchain. "I don't know if bitcoin will ever be like a currency, but I'm big on the technology," she says. Scanlon is also bullish on blockchain technology, which is a decentralized digital ledger that documents cryptocurrency transactions and other information. Her core cryptocurrency holdings still consist of bitcoin and ether, and she also owns stock in companies like Roblox, Facebook and Etsy. Scanlon first started trading options in high school and began working in asset management after graduating from college, which has boosted her confidence in her personal investment decisions, she says. My whole life thesis is, 'How do we create financial accessibility and equality for everybody?' I think crypto is one step in allowing people who don't have access to traditional methods like banks to do so," she says. "I really liked the application that has for people who are unbanked. Similar reasons led 23-year-old Kyla Scanlon to begin investing in bitcoin and ether during college in 2016. during a time when the president wasn't allowing humanitarian aid.Īnd although its high price may make owning bitcoin seem unattainable, Reichel points out the option to buy fractional shares called satoshis. In Venezuela, for example, crypto was a way that families could still receive money from relatives in the U.S. While doing research for her Ph.D., Reichel was inspired by how bitcoin was being used to help those in need in different countries. That's true of many young investors, who believe in the technology itself. "I see the long-term applicability and use of crypto," she says of her own plans to hold. "In any crypto, you have those super strong network effects where people believe in it so much that they're like, 'I'm never selling because I believe it's the future of finance,'" Reichel says. ![]() Reichel plans to hold her bitcoin and ether long term.Īlthough some young traders bet on altcoins and attempt to turn a quick profit through buying and selling, many plan to " hodl" their favorite cryptocurrencies for the long haul. She started to invest "heavily" in crypto this year, and her crypto holdings account for most of her portfolio, she says. in economics, Reichel is also a senior editor at crypto news site Blockworks in Washington, D.C. They prefer to rely on their own research rather than use insights from traditional institutions, like financial advisors from legacy firms. One reason young people have turned to alternative investments like crypto is simple: Many just don't trust traditional investment institutions, as Allison Reichel, 23, tells CNBC Make It. In part, the investors hope to force hedge funds to pay, overcoming what they see to be an inefficient system. Young investors have also taken part in recent meme stock rallies, which occur when retail investors buy up shares of stocks shorted by Wall Street hedge funds, like GameStop and AMC Entertainment. More than a third of millennial millionaires have at least half their wealth in crypto and about half own NFTs. ![]() Some have spent the bulk of their savings on these type of investments: Nearly half of millennial millionaires have at least 25% of their wealth in cryptocurrencies, according to a new CNBC Millionaire Survey.
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