An ODU finance knowledgeable weighed in on cryptocurrency investing, within the wake of the latest inventory market frenzy.
NORFOLK, Va. — Within the wake of complete inventory market disruption from firms like GameStop and AMC, extra individuals need to make investments, with the hope of hitting it huge and getting wealthy fast.
One factor they’re turning to is “cryptocurrency.”
“It’s a type of cash that’s exceptional for what it’s not,” stated ODU lecturer of finance, Andrew Cohen.
Consider cryptocurrency as digital forex, however not like cash you will have in a web-based checking account.
Once you personal cryptocurrency, you personal a little bit block of data and the tremendous advanced codes that shield it. It’s more durable to hack and counterfeit like actual cash.
The preferred variation of cryptocurrency is Bitcoin.
A $1 funding in bitcoin again in 2011 could be value nearly $38,000 in actual U.S. money as we speak.
“It’s exploded due to provide and demand perform,” stated Cohen.
Demand has elevated, partially, due to apps in your telephone that make it straightforward purchase crypto.
The Voyager app, for instance, crashed final week due to a surge of latest customers. It now has an extended waitlist simply to enroll.