As the crypto market experienced a severe crash in 2018 compared to the year 2017, its interest is also fading away to a little extent as per the reports. In a similar context, Chief of a British financial services startup, Freetrade believes ‘Bitcoin’s bust has moved millennials to Trade stocks’.
Bitcoin in 2018 was a ‘Gateway Drug’
Adam Dodds the founder of Freetrade, a London-based startup said, ‘Bitcoin in 2018 was kind of a gateway drug to push millennials into stock trading’. These young people are now the market investors, Dodds claimed. In his own words;
“It was a kind of gateway drug… but instead of a pot to heroin, it was a drug to something better,”
According to Dodds, the crypto traders are gradually turning their heads to stock from crypto due to the boom and bust performance of Bitcoin last year. He called crypto as ‘fad’ and hence stocks seem better. Dodds looked more optimistic towards the traditional stock trading than trading in the decentralized market, henceforth, he appreciated the bull & bear market of Bitcoin. He said that this chaotic nature of the crypto market has eventually turned young peers into investors in the stock trading market. Calling the present market as a fad, he pointed out;
“Young people realized they could invest their money in a smart way, after the crypto fad.”
While he talked about the crypto fad, he remained optimistic about the industry. Consequently, he advised investors to ‘play around with crypto’ because it will still be ‘a bit of fun’, he added. Although 2018 wasn’t the glowing year for cryptocurrency market, the price of bitcoin and other major cryptocurrencies have spiked a bit higher on January 02, 2018. According to the data from Coinmarketcap, Bitcoin is running a bull wave with 2.07% during 24hrs.
Crypto Market Celebrates New Year
BTC’s green flag has eventually influenced other major cryptocurrencies, henceforth, Ethereum regained the top second position and is trading with $149.56 by surpassing XRP which is having the value of $0.365467as per data from Coinmarketcap.
Although Adam Dodds encouraged millennials hooking up equity than crypto, other experts in the field like Lour Kerner expects Bitcoin to go up 100 fold. In an interview with Bloomberg, Kerner who is the partner at CryptoOracle explained that;
“Gold right now is an $8 trillion asset while Bitcoin is a $60 billion asset. In my opinion, the value of Bitcoin can go up 100 fold that will ensure that the field of digital assets goes a long way.”
He remained optimistic about Bitcoin and said the downfall of today’s Bitcoin price will not actually make any difference. Kerner highlighted that Bitcoin has the ‘continuous rise and fall’ throughout the spectrum and continued that;
“If you compare Bitcoin of today and Bitcoin of yesterday, you will not see any change.”
Do you agree with Adam Dodds calling Bitcoin a ‘gateway drug’? What’s your stake of millennials moved to stock market trading?
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com