CHARLOTTE, N.C. (QUEEN CITY NEWS) — Remember when Cryptocurrency hogged headlines over the last two years?
The digital currency was glamorized by professional athletes and celebrities and advertised during events like the Super Bowl. Even a Carolina Panther got half his salary ($6.5 million) paid in cryptocurrency in 2020. Now, the crypto world is in chaos.
“Crypto is a very interesting topic, and it’s a hot topic that is around everywhere,” the manager of educational services at VectorVest, Glenn Tompkins, said.
From replacing NFL salaries, celebrity enforcements, and the courtroom — cryptocurrency went from being a force to be reckoned with to a topic most see with a degree of skepticism.
“I think the only reason I did it is because Elon Musk did it,” Jillian Drake said.
“I don’t want to have any part of it. I’ll just keep my 401k. That’s a safer bet,” Steve Burnette said.
“Crypto space has been decimated. Only about 8% of Americans feel comfortable with crypto, and a lot of people are still holding crypto stocks and are wondering, ‘What should I do now?’” Tompkins said.
In 2021, the popular cryptocurrency Bitcoin reached an all-time high.
“One of my friends, he had made like $1,200 on it when it first started,” Drake said.
Rising interest rates, a slew of scandals, and a market turndown have left millions of investors high and dry.
“A couple of guys I work with have invested in crypto, and I think they are resenting that right now,” Burnette said.
The currency’s slide has resulted in massive losses for people worldwide.
“Crypto has lost over $2 trillion in the last year. We are in what we call a crypto winter,” Tompkins said.
Tompkins has been coaching individual investors for two decades. He says crypto has always been a risky investment in which many amateur investors got swept up.
“I think that this now has become a very expensive lesson for a lot of people. And no matter what I say, there is no way that they are going to get out of them because they are so far down that they can’t afford to get out of it. ‘I am going to wait,’ and that whole wait part of it is the scariest part of it,” Tompkins said.