Digital Currency: A Market for Millennials and Criminals Only?
It’s hard to come up with a more modern investment than Bitcoin, and with astronomical returns to early investors, many are choosing to heavily invest in cryptocurrency.
Although the market is dangerously speculative and perhaps catastrophically susceptible to market manipulation, those willing to take the risk have seen immense return on their investments—Business Insider purports the average ICO returns for pioneer investors to be 1,320%.
Millennials in particular seem to be infatuated with the lure of digital currency. In fact, The New York Times has even compared millennial investment in cryptocurrency with the pensions of generations prior. Some millennials are choosing to store their wealth in cryptocurrencies instead of traditional savings accounts, reasoning the interest is superior despite the inherent (and arguably overwhelming) risks.
Some investors and economists are worried the very nature of cryptocurrency may pose great risk to the global economy, carrying the potential for large scale economic destabilization through an unregulated market. International governments fear that cryptocurrencies will be chief proponents of illegal trade, perpetuating the growing problem of untraceable black-market purchases on the deep web.
That said, cryptocurrency has proven almost impervious to attempts at stopping its proliferation. This can be seen in a thriving market despite China’s failed effort to damage the cryptocurrency market by banning Bitcoin.
Perhaps the most legitimate concern is that the cryptocurrency market is simply too speculative and volatile for sustainable investing, unlikely to result in anything but a perpetual bubble-bust scenario as detailed in Clem Chambers’ recent thought piece for Forbes.
Maybe all of the above is why Dennis Gartman, editor and publisher of The Gartman Letter, has taken an uncompromisingly bearish stance on the cryptocurrency market, calling Bitcoin a market for criminals and millennials.
Strata Company, located in the Greater Philadelphia area, specializes in custom cloud-based applications that help organizations stay at the forefront of their field. Jeff Sammak is an established thought leader in evaluating the latest digital technology trends and developments. Jeff plays a pivotal role in helping clients identify where they should invest their marketing and communications technology dollars – and how to get the greatest return for it.
About Jeff Sammak
As president and founder of Strata Company, Jeff Sammak has been a leader in the advanced integration of marketing, data and emerging technologies for over 20 years. He has a deep understanding of complex business challenges and keen ability to translate them to technology-driven solutions that align to a client’s key strategic business objectives. He attended Monmouth College for Business, Jeff enjoys scuba diving, skiing and spending time with his family.