Underpaid young people bet on crypto due to financial anxiety: Survey
December 05, 2022 By Raulf Hernes
(Image Credit Google)
Young Singaporean investors are still interested in betting on the virtual coin despite cryptocurrency platforms collapsing left and right.
Despite the heartbreaking stories of those who lost money when these sites collapsed, according to a story from The Straits Times, many people are still interested in cryptocurrency.
Is it possible to profit from cryptocurrency betting? Success stories in the crypto industry are common. A short Internet search demonstrates that there are ordinary persons who are bright enough to identify the potential of an investment that some top financial gurus still don't totally appreciate.
Something is enthralling about risking so much to invest in this risky market for this new generation of crypto fans. This is understandable, considering the potential for a digital coin's value to increase immediately.
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Image: Arab News[/caption]
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For instance, Dogecoin, a digital coin inspired by internet memes of the Shiba Inu dog breed, has been shocking investors lately due to its unexpected market surge.
If you have $1000 invested in the digital coin two years ago, you could be a millionaire now. This is achievable because of a mind-boggling rise of 200,000 percent.
A potential for a sudden huge price pump is the crypto promise these individuals latch on to. And some are even aggressively investing on virtual currency with the aim of retiring early. Is it possible?
A report by OCBC Bank underscored how more young people are hooked on the crypto culture. According to the report, roughly 85 percent of adults in their 20s had already invested. This greatly climbed from 2020, when the poll noted 64 percent.