Since the start of the coronavirus pandemic, cryptocurrency — specifically Bitcoin — has seen a surge in popularity.
Regular investors are seeing massive returns as cryptocurrency gains acceptance by a broader population. Morgan Stanley, JP Morgan Chase are among the major financial institutions that have recently adopted cryptocurrency into their wealth management portfolios.
Industry leaders, such as Elon Musk of Tesla, have also brought prominence to cryptocurrency that were thought of as a joke just a few months ago.
While some see cryptocurrency as a commodity, to be traded like stock, others see it as symbol of change in the world of finance.
Tyrone Ross, the CEO of OnRamp Invest, sees crypto and the blockchain technology used to mine the digital currency as a way to level the playing field in underserved communities — for whom the traditional banking system isn’t viable.
“It’s going to mean freedom for a lot of people who’ve never had it,” Ross said. “The freedom to take care of their family on their terms and get access and instant settlement and be able to access money cheaply and not have it be so expensive to be poor in this country.”
Jully-Alma Teveras is a personal finance expert. Her blog, Investing Latina, works to inform women of color on how to create their own financial stability and wealth. Her view of crypto is to use it as part of a broader investment strategy.
“I talk about investing all the time over on Investing Latina and the investing workshop and for me, it’s all about how do we keep more of our dollars, and how does our earned money work for us. And it’s working very hard when you are investing it in cryptocurrency right now.”