21 mins ago |
By Jamie Redman – |
Bitcoin Is Becoming a Popular Investment for Middle-Class Americans
According to a recent report from NBC, middle-class Americans are growing quite fond of bitcoin and cryptocurrency investment. Bitcoin’s value is continuing to climb and everyday Americans are getting in on the action.
‘In Five to Ten Years, You Could Be Sitting on Something Nice’
Bitcoin has grown very popular in the U.S. and data shows the region is consistently one of the top three countries leading in bitcoin trade volume. According to a recent study from the Cambridge University Business School’s Centre for Alternative Finance, the U.S. is the fourth leading country utilizing bitcoin for payments and as a form of cross-border money transmission. Further, the country has the third largest number of exchanges worldwide, and USD is one of the most widely supported currencies across a majority of global exchanges. This popularity has spread to American ‘mom and pop’ investors spending a few bucks on cryptocurrency investments that are turning out to be extremely lucrative.
The vast amount of infrastructure in the U.S. and this year’s exponential BTC price spike, has led to middle-class Americans learning how to invest in cryptocurrencies. NBC interviewed a school bus driver, Ryan Williams, who used some of his bitcoin holdings to purchase a new pool for his kids. During the hot summer Williams thought he couldn’t afford a pool, but suddenly remembered he had a stash of bitcoin that gained quite a bit of value. Williams purchased the pool at Wal Mart using his Bitpay card, and now his mother and other family members are investing in bitcoin too.
Another 39-year-old ironworker from New Jersey, Greg Salerno, said he put $1,600 into bitcoin a while back, and now his stash is worth $20,000. Salerno tells the publication that he’s also started to talk about cryptocurrency investments to co-workers. “It’s like being in Apple at 10 cents,” Salerno tells NBC.
In five to ten years you could be sitting on something nice.
Bitcoin IRA’s Becoming a Popular Retirement Vehicle
Many Americans are also purchasing bitcoin and cryptocurrency-based IRAs as a form of retirement. The Chief Operating Officer of the company Bitcoin IRA, Chris Kline, explains to CNBC that business has been phenomenal this year. According to Kline, when the company started it saw roughly $1M a month in capital inflow, and now Kline says they are averaging that amount on a daily basis. CNBC’s report explains that a lot of ‘mom and pop’ investors are jumping into bitcoin investment for a retirement plan. One Bitcoin IRA client, Damon Smedley, told the news outlet he invested $330,000 into his bitcoin-based retirement fund last November. Smedley explains that his investment has done quite well so far, stating;
You look at where I was one year ago, versus where I’m at today, and it’s quite a drastic difference.
Middle-Class Investors Are Hearing About the Most Lucrative Opportunity Since the Internet
As news.Bitcoin.com has reported in the past, mainstream investors are hearing about bitcoin regularly. Cryptocurrency IRAs, hedge funds, and bitcoin as a retirement vehicle is a trend that’s grown quite popular. This summer a consultant and analyst named Gordon Scott said even though bitcoin has “risks” he believes the cryptocurrency is an opportunity like no other. “Bitcoin may be the most lucrative trading opportunity since internet stocks such as Amazon.com Inc. in the dot-com era,” explains Scott.
Middle-class Americans are indeed hearing about the investment opportunity bitcoin holds from mainstream media like NBC, CNBC, and other mainstream news outlets regularly, and now from family members and co-workers too.