Controversial Cryptocurrency Raises New Questions

Over the past two decades, technology has made life easier for teenagers. For school, they can now type papers instead of handwriting and shop online rather than go to stores.

In the financial world, it has changed to more from a computer based industry as people can direct deposit checks, send others money directly, pay for bills online, and invest in the stock market. 

With the advancement of technology, there has been a new trend to invest in cryptocurrency, a new online currency created in the past 10 years. But with this new investment comes risk.

“I do not have any cryptocurrency and I will not invest in the future because I don’t know how safe it is,” said senior Deng Deng.

In November, FTX, a major cryptocurrency reportedly had to shut down because the CEO used the company’s money to pay off his debt. Because of the crash many questions and concerns have come out about whether or not to invest.

“I have noticed a lot of headlines and news stories about the shutdown of FTX and that many celebrities are getting endorsement deals from these companies like FTX and other sites. But because of the shutdown, the celebrities have lost a lot of money as well as the money they invested,” said IT Member Paul Latino.

But cryptocurrency can also lead to people making a lot of money if invested correctly. Bitcoin, a well known cryptocurrency, started at 0 dollars in 2009 but grew up to over 64,000 dollars in November of 2021.

“I wouldn’t invest currently in cryptocurrency because of FTX going bankrupt but if I knew more about it and knew exactly how secure it was I would invest,” said junior Kieran Verrier. 

Investors want to know how secure their money is and want to be fully educated about exactly what cryptocurrency is. However, students do not believe that the cryptocurrency trend is going anywhere.

“I do not think there will be a decrease in investors because the people who do invest will go into other platforms that can be trusted,” said senior Justin Mariani.