I am writing in response to the article titled “As Bitcoin goes mainstream, Wall Street looks to cash in,” published in your newspaper on Oct. 19.
The author expressed a positive connotation on their view of Bitcoin and other cryptocurrency. I agree with these, such as there is a real difference between cryptocurrencies and the stock market.
This is shown best by “...new Robinhood customers were more likely to make their first trade in cryptocurrencies rather than in stocks.”
As someone who has invested in the stock market, by using the top 500, I am knowledgeable regarding the basics of investing in the stock market.
Seeing how Bitcoin has been used to trade and create a profit is very similar to the selling/buying of stock.
The wealthy hire Wall Street professionals with knowledge on how to “use” the stock market to create a profit. Why can’t the same be done for Bitcoin? It can be, but I also see Bitcoin as more accessible through trading (like the new “easy-to-trade fund”), being able to pay with it through PayPal, and Twitter even gives it out as appreciation.
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Wall Street has been referred to as “a playground for the rich,” but after reading that article cryptocurrencies could be added to that phrase with their virtual presence. This is shown in the article by “firms that cater to the world’s wealthiest families are increasingly putting some of their fortunes into crypto.”
The article also mentions how fast Bitcoin has grown by saying “The price has more than doubled this year alone to roughly $62,000. It was at only $635 five years ago.” Is this going to be the new stock market for this generation?
Kathryn Manico, Roanoke