Warren Buffet said what about bitcoin? There were how many people at the annual CoinDesk Consensus cryptocurrency conference? And young Americans love bitcoin because…?
Yes, despite some ups and downs in 2018, Bitcoin is still a hot investing option with significant returns – and news about cryptos like it is moving so fast that it can be hard to keep up with all of it.
Noting this, we’ve dedicated this post to some of the recent news you should be aware of as far as cryptocurrency is concerned. From record-breaking attendance at the flagship crypto conference to more notable investors firing shots at Bitcoin, here’s a look at some of the recent headlines you should know about in this space:
Cyrpto Conference Posts Record Attendance
CoinDesk Consensus is the leading conference on cryptocurrency. In May 2018, it was held at the New York Hilton Midtown in New York City – and if you want to get a good idea of just how much buzz there still is when it comes to this investing option, all you need to do is see the attendance numbers.
For the 2018 event, an estimated 8,500 people attended. That’s up from 2,700 attendees in 2017, and 1,400 in 2016. When you factor in these attendance numbers, as well as the fact that it’s about $2,000 a person to register, there are still a lot of people who are hyped – or at the very least, interested – in cryptocurrency and blockchain technology.
Reports from the conference said that wait times to receive attendee entry badges were more than an hour, and the show floor was so packed at times that it was hard to even move. At the rate the three-day conference is growing, it’ll need a bigger host venue in the coming years.
Why do Millennials Love Crypto?
It’s an easy investment option. There’s solid return on investment. And there’s no shortage of helpful resources available for those serious about bitcoin. It’s all part of the reason why cryptocurrency has been so popular with younger people, even high school students.
Cryptocurrency transactions can be completed online, which is where Millennials live and breathe. And there’s also the peer pressure aspect of it. For instance, many young crypto investors report getting tips and suggestions from their friends. Others that have gotten into it say they’ve done it mainly because their friends are doing it and making money off of it. Yes, everyone’s doing it, so more people join in.
While young people are unquestionably helping add money to the market, many financial advisors are doing their bests to warn of the risks. For instance, some potential risks to younger, inexperienced investors include:
Bitcoin’s Nay-Sayers
Nobody’s quite sure what to make of Bitcoin’s long-term future as far as investing goes, but it’s safe to say that cryptocurrency has divided investors. There are those who love it, and then there are those like Warren Buffet who absolutely despise it.
Last week, the legendary CEO of Berkshire Hathaway compared Bitcoin to rat poison. He also added that the ending is going to be very bad. Berkshire’s vice chairman Charlie Munger also slammed the world’s most popular cryto, stating that Buffet was being too kind when commenting on it. Ouch.
It’s worth noting that Buffet has certainly been wrong before, like when he invested in IBM rather than Apple – only to backtrack on it years later and say that he wants to own 100 percent of Apple (he owns about 5 percent of the company now).
The good news for crypto enthusiasts is that plenty of investing experts still believe in bitcoin, even those who refer to themselves as “Buffet disciples.” One of them is Chamath Palihapitiya, the founder and CEO of Social Capital. Palihapitiya bluntly called Buffet’s assessment “wrong.”
Regards,
Ethan Warrick
Editor
Wealth Authority
