By: Ethan Slipakoff
As cryptocurrency has taken the finance world by storm over the last few years, its impact on the global economy and its involvement in recent world events has been nothing short of remarkable. For anyone who has not heard of cryptocurrency or is unsure of what a cryptocurrency is, in short, it is a digital asset that functions as both a means of investing and a universal currency.
Many types of cryptocurrencies exist, but some of the most popular ones have historically been Bitcoin and Ethereum. These Digital currencies utilize blockchain technology in which they can securely and anonymously be transferred between different parties. This makes cryptocurrency relatively untraceable and incredibly efficient for international payments.
Over the last two years, bitcoin, the most popular cryptocurrency in the world, has been adopted by countries as an actual method of payment. In the recent Ukraine and Russia conflict, millions of dollars of bitcoin were donated to the Ukrainian government to help support their military endeavors. This was only possible through bitcoin’s use of blockchain technology which allows for instant digital payments without fees.
More recently, cryptocurrency has found its way to the professional sports world. As of April 13th, the Dallas Cowboys have announced a cryptocurrency partnership with Blockchain.com. This partnership grants the Dallas Cowboys the ability to incorporate crypto experiences in their stadium during games to create digital in-game experiences. This move from the Cowboys comes after the surging popularity in cryptocurrencies as sports teams move to increase their popularity and revenue by incorporating crypto into their business and in-game events.
Because of the widespread rise in cryptocurrencies and implementation throughout world institutions, many people view it as a viable method of investing for retirement. According to a survey, 28% of millennials expect crypto to fund their retirement. Many experts have critiqued this position as crypto is highly volatile and prone to rapid change. Because crypto is not backed by any institution, it poses a massive risk as a retirement asset. However, the increasing use of cryptocurrencies in official institutions and companies provides some backing and makes it less risky. Many people are not aware of the dangers of crypto and solely invest in it because it’s popular, experts warn.