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People in Nevada speak to Fox News about fate of cryptocurrency
Investors in Las Vegas told Fox News they're not ready to cash out of cryptocurrencies despite plummeting values.
"Time in the market beats timing the market," Alex, visiting Las Vegas from Memphis, said. "I love it, personally. It’s kind of my thing."
"I do that … as an investor and as a professional hobby as well," he added.
Bitcoin has fallen 70% in value since a high of more than $67,000 in 2021. Alex said instability is not exclusive to digital currency.
BITCOIN FALLS TO NEAR 19K, DOWN MORE THAN 70% SINCE 2021 HIGH
Crytpocurrency prices were mixed early Monday morning. (Photo Illustration by Chesnot/Getty Images) (Photo Illustration by Chesnot/Getty Images / Getty Images)
"It’s just kind of the state of the market we’re in," he told Fox News. "We’re teetering on the edge of potential recession.
"Crypto is a highly volatile asset, so that’s the thing people are most likely to see off first," Alex added.
Matthew said he thinks cryptocurrencies, like Bitcoin, will "come right back."
"It’s time to buy," Tev told Fox News. "I work in the crypto industry, so I guess I’ve got to be for it."
ODDS OF US ECONOMY SLIDING INTO RECESSION NEXT YEAR JUMPS TO 40%, BANK OF AMERICA SAYS
Tev speaks to Fox News about cryptocurrency in Las Vegas, Nevada. (Fox Digital/Matt Leach / Fox News)
Despite a history of wild fluctuations in value, more than a third of millennials and half of Generation Z would be happy to receive 50% of their pay in bitcoin or other cryptocurrencies, according to a deVere group poll.
"Of course I would be willing to be paid in crypto," Tatiana, a hair stylist from Las Vegas, told Fox News. "I use crypto anyways, and I feel like paper money is not going to be a thing anymore."
BLOCKCHAIN EXPERT RIPS CRYPTO LENDER CELSIUS FREEZING ACCOUNTS: ‘IT’S UNFORTUNATE'
Bitcoin has fallen since its 2021 high. (iStock / iStock)
Matthew was more hesitant about cashing in his paycheck for cryptocurrencies.
"Maybe not at first, but if I saw it doing decently, I’d go into it," he said.
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"Working in a crypto industry, they already pay you in crypto, so I’m ok with that," said Tev.
Duke told Fox News he won’t take any risks with his paycheck.
"The strongest currency over the last 200 years has been the dollar," he said. "I don’t see that changing anytime soon."
Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. ©2022 FOX News Network, LLC. All rights reserved. FAQ – New Privacy Policy
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