Op-ed: Don’t miss the boat on Cryptocurrency. You’ll regret it.

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Photo courtesy of Reuters

Ethereum, a widely used cryptocurrency is growing at an exponential rate.

$1,000,000. One million dollars. That is the projected net worth of CVHS senior Drake Le by the end of 2021. How’d he do it? Cryptocurrency and Non-Fungible Tokens (NFTs). Just in the past few months, cryptocurrency has become one of the most valued markets in the decentralized economy and according to coinmarketcap.com it is closing in on just under three trillion dollars as of December 2021. NFTs, collectibles you can buy with cryptocurrency, have a market value of seven billion dollars in November 2021 according to JPMorgan. Cryptocurrency and NFTs are expected to continue their overall bullish trend in the market heading into 2022. 

This may seem like I’m spewing a conventional Wall Street analysts speech, and seeing fancy terms like ‘BlockChain’ and ‘peer to peer infrastructure’ whenever you look up anything concerning cryptocurrency may make it seem as though this market is out of reach from the everyday high schoolers’ lives. However, it’s closer to you than you may think. According to CNBC, half of all millennial millionaires have at least 25% of their wealth in cryptocurrency. Now we may not exist in the ranks of people like Jeremy Gardner and Cooper Turley who’ve become millionaires from cryptocurrency, however, my point is that young people are leading this space and defining the future of what cryptocurrency is. The decentralized economy is turning out to be the future of what finance will look like for our generation. 

But cryptocurrency is an unconventional and extremely volatile space, you could lose a lot of money!  This is the main argument people pitch against this space, and to people who work day jobs, have families, and payments to make, it’s a completely valid stance to have. Financials of the family and other matters should be placed above a market like cryptocurrency. However, to a 14-18-year-old student in high school who doesn’t have a mortgage to pay off and whose greatest worry is probably an upcoming math test, those reasons aren’t as valid. The truth is that many students have at least some money to lose, so why not try to invest in the future?

Cryptocurrency is still in its early stages, and its being developed by our generation makes it more accessible for young people to enter and learn about the space. One part of this market that is so appealing to our generation is that there is no middleman, everything is done independently of institutions hence the decentralized nature of cryptocurrency, all decisions are made and handled by yourself giving you greater control over what you want to do with your money. Many platforms that have advice about cryptocurrency are on discord and twitter meaning that a majority of students will already know how to navigate the reading material written on cryptocurrency which is levels different than having to navigate through hundreds of different websites and articles to try and understand the conventional stock exchange. 

Any student with some money to lose, it can be as little as $100, should invest into cryptocurrency. It’s undoubtedly going to be a big part of future finance with big brands like Adidas and Atari investing into it and even entire countries accepting Bitcoin as a valid form of payment. To start learning about it now can be extremely beneficial moving forward in life. Basic resources are available on apps such as Coinbase.