The focus on cryptocurrency is intensifying after a week of volatility.
Crypto, unlike government-issued dollars, is a decentralized digital currency, so the value can go up or down quickly.
Cryptocurrencies, like bitcoin, are a popular asset some call a fad, others a livelihood. Some people have bought a little on the side, others investing retirement money. That’s why this week’s crypto crash across the board is concerning for more than just crypto bros.
“What we say in the crypto community is, you know, ‘You buy the dip and you hold on for dear life,'” said Brock Pierce, the chairman of the National Bitcoin Foundation.
Pierce is one of the original cryptocurrency innovators.
“Bitcoin over the past quarter has lost 2 million users. Their transactions are down 44% and the volume is down 56%. Is this just a product of the volatile market that we live in with cryptocurrency, or is this a crypto winter?” Overmyer asked.
“We could see a huge rebound in the cryptocurrency prices, and then everyone’s gonna be wishing they bought the dip. Or this is could be, you know, something that goes on for months or years, as we’ve seen in the past. I think the market’s accelerating. I don’t think this would be a multi-year event, but we could be looking at ‘crypto winter,'” Pierce said.
It’s affecting more and more New Yorkers. Mayor Eric Adams even famously tweeted that he would be getting paychecks in crypto, and Fortune Magazine recently named New York the crypto capital of the world.
Overmyer spoke to one 21-year-old who has more than $100,000 invested in cryptocurrency.
“Are you making any adjustments with what’s happened this past week?” Overmyer asked.