{"id":148156,"date":"2021-12-23T21:47:21","date_gmt":"2021-12-23T21:47:21","guid":{"rendered":"https:\/\/precoinnews.com\/?p=148156"},"modified":"2021-12-23T21:47:21","modified_gmt":"2021-12-23T21:47:21","slug":"fear-of-missing-out-on-crypto-is-driving-folks-to-quit-traditional-lucrative-jobs","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/blockchain\/fear-of-missing-out-on-crypto-is-driving-folks-to-quit-traditional-lucrative-jobs\/","title":{"rendered":"Fear of Missing Out on Crypto is Driving Folks to Quit Traditional Lucrative Jobs"},"content":{"rendered":"
There is a wave of tech executives and engineers leaving Google, Amazon, Apple, and other large companies to chase what they see as a once-in-a-generation 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).\u00a0<\/strong><\/p>\n This year, the cryptocurrency market global market cap <\/span>surpassed<\/span> $2.26 trillion, with Bitcoin increasing by more than 60% and Ethereum increasing by 378%. One of the fascinating aspects of cryptocurrency evolution is the rate and scope of adoption.\u00a0<\/span><\/p>\n The reason for this is their future potential, which stems from growing business, consumer, and institutional acceptance; increased payment\/purchase circulation; and rising trading volumes, which are due, in part, to their use as a hedge against fiat currencies.<\/span><\/p>\n The founders of Meta Platforms Inc. and Tesla Inc., which was barely off the ground during Wall Street’s <\/span>pre-crisis<\/span> boom, are worth more than Citigroup Inc., the country’s once-most valuable bank. Previously, banks were so opposed to cryptocurrency that they saw no threat in it beyond a fad. Since then, newcomers trading crypto and meme stocks have flaunted their massive gains from loading up on crypto.<\/span><\/p>\n About a year ago, <\/span>Sam Peurifoy<\/span> noticed that his Goldman colleagues were treating cryptocurrency as “kind of a cute, niche curiosity.” Peurifoy, known for his gaming persona 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’ windfall year, Peurifoy said there’s a “feeling in the air that they’re missing out,” describing it as ‘this overwhelming wow.’<\/span><\/p>\n Millennials are leading the charge in cryptocurrency investing, with ever-increasing amounts of money being poured into bitcoin and other digital currencies. According to a new <\/span>survey<\/span>, one-in-five Millennials (aged 25 to 40) now own cryptocurrency. Almost half of those polled also made their first investment in the stock market last year, owing to a surge in interest among younger people during the COVID-19 pandemic.<\/span><\/p>\n Stories of people riding seemingly ridiculous crypto investments like <\/span>Dogecoin<\/span>, a digital coin based on a dog meme, to life-changing wealth abound in Silicon Valley these days. Skeptics claim that 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 motivated by a desire to get rich quickly by trading an asset class that appears to be based on internet jokes.\u00a0<\/span><\/p>\n Even though crypto’s future still remains highly speculative, there are specific applications where cryptocurrency is a viable solution.<\/span><\/p>\n<\/span>Members of Banking Institutions Saw Cryptocurrency as ‘Cute’<\/b><\/span><\/h2>\n
<\/span>Silicon Valley Booming With Crypto as Millennials Take Charge<\/b><\/span><\/h2>\n
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