Two-fifths of crypto traders, 44%, are not white, which may help explain that predatory ad featuring LeBron James. Most don't have a college degree, and just over one-third have household incomes below $60k a year. Independent researchers at the University of Chicago found that the average cryptocurrency trader is under 40. Who gets drawn into the promise of wealth without work? The usual suspects for financial cons. Do not confuse the crypto mess with solid payment services like Apple Pay, Google Pay or Venmo, where transactions are tied to bank accounts containing real government-backed money. The country's digital wallet is called 'Chivo,' or slang for 'cool.' What could possibly go wrong?Įxhortations to skirt governmental authorities ignore the reality that central banks are, actually, kind of useful. Its president, Nayib Bukele, 'boasts that he manages the country's wealth from his smartphone while naked,' reports The Economist. Some sophisticated investors call it 'fake internet money.'Įl Salvador made cryptocurrencies legal tender. Cryptocurrencies are basically complex codes that supposedly enable transactions while bypassing government-backed currency. What was the moment? It was engaging in 'decentralized finance' - 'DeFi' for the hip. 'Then there are others - the ones who embraced the moment.'

'History is full of almosts,' Damon says. They suggest that anyone could build great wealth if they believe in crypto. The crypto ads centered on bucking authority, mocking experts and ridiculing government. And that's what has happened to the finances of crypto 'investors' suckered by a marketing campaign that preyed on their vanity and their laziness. I've seen enough Viking videos to know that the brave who don't think things through often end up with hatchets in their skulls. Its now-famous Super Bowl ad starring Matt Damon flashed images of a mountain climber confronting a blizzard and astronauts ready for takeoff - but no explanation of what cryptocurrency is, much less its risks.

'Fortune favors the brave' was the slogan for, a cryptocurrency company now laying off hundreds of workers.

Fortune favors the brave crypto