Why A Lot of People Won’t Invest In Cryptocurrency
It’s a Wild West, Jim
The world of money is rapidly changing as cryptocurrency becomes popular and adopted by investors. While crypto is popular, there’s a few reasons why many people still don’t invest. Let’s look at some of the main reasons.
Scams
I’ll be honest, the crypto industry is full of scams. One of the most famous ones is Sam Bankman:
Bankman-Fried was arrested by Bahamian authorities and extradited to the U.S., where he was taken into custody. Federal prosecutors and regulators accused Bankman-Fried of perpetrating a fraud “from the start.” Via Google.
I invested here in Canada and an exchange I was on went under because of fraud from within. The finances are tied up in the courts and may be several months or even years until it’s resolved. Numerous exchanges have gone under which puts people’s assets at risk. It’s important to have a hardware wallet to secure your funds, but a lot of investors don’t even know about this.
Scams are one of the main reasons that people don’t invest in cryptocurrency. There’s too much uncertainty around this new form of money.
