Fear of Missing Out on Crypto Drives People to Quit Traditional Gainful Jobs

There’s a wave of tech executives and engineers leaving Google, Amazon, Apple, and other big companies to pursue what they see as a once-in-a-lifetime opportunity. Some of these jobs even pay millions of dollars in annual compensation. According to them, crypto is the next big thing, including digital currencies like bitcoin and blockchain-based non-fungible tokens (NFTs).

Members of banking institutions viewed cryptocurrency as ‘cute’

This year, the global market capitalization of the cryptocurrency market outmoded $ 2.26 trillion, with Bitcoin increasing by over 60% and Ethereum increasing by 378%. One of the fascinating aspects of the evolution of cryptocurrency is the rate and scope of its adoption.

The reason for this is their future potential, which stems from the growing acceptance of businesses, consumers and institutions; increased flow of payments / purchases; and the increase in transaction volumes, which is due, in part, to their use as a hedge against fiat currencies.

The founders of Meta Platforms Inc. and Tesla Inc., which was barely launched during the Wall Street Crisis pre-crisis boom, are worth more than Citigroup Inc., the country’s most valuable bank. Previously, banks were so averse to cryptocurrency that they saw no threat beyond a fad. Since then, newcomers trading in crypto and meme stocks have flaunted their huge gains by taking on crypto.

About a year ago Sam Peurifoy noticed that his colleagues at Goldman treated cryptocurrency as “some kind of cute niche curiosity.” Peurifoy, known for his game character Das Kapitalist, left in June for Floating-Point Group, which provides digital currency trading services, and is now an executive at Hivemind, a $ 1.5 billion crypto fund. Despite the bankers’ exceptional year, Peurifoy said there was a “feeling in the air that they are missing something”, describing it as “this overwhelming wow”.

Silicon Valley booms with crypto as millennials take matters into their own hands

Millennials are leading the charge in investing in cryptocurrencies, with growing sums of money pouring into bitcoin and other digital currencies. According to a new survey, one in five Millennials (aged 25 to 40) now owns a cryptocurrency. Almost half of those polled also made their first investment in the stock market last year, due to renewed interest among young people during the COVID-19 pandemic.

Stories of people making seemingly ridiculous crypto investments like Dogecoin, a digital play based on a dog meme, life-changing wealth abounds in Silicon Valley these days. Skeptics say cryptocurrency is no different from previous speculative bubbles such as subprime mortgages or the 17th-century tulip craze. They claim that much of the mania is driven by the desire to get rich quick by trading an asset class that appears to be based on internet jokes.

Even though the future of crypto is still highly speculative, there are specific applications where cryptocurrency is a viable solution.

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