By Heath Anderson
Fayetteville, Ark. (UATV) – A recent survey shows 13% of Americans traded cryptocurrency this past year.
One investor is recent University of Arkansas graduate Paul Sherrod, who owns several shares of the digital coins.
“[I have] Bitcoin, which a lot of people have heard of,” Sherrod said. “Etherium, I have that. Then, I also have some other ones.”
Sherrod, and many others, are drawn to the currency because of the potential for fast returns on investments.
The crypto market remains volatile, which means that a coin’s value can increase or decrease drastically in a short period of time.
“If you have $100, [then] you can turn it into $10,000,” Sherrod said.
Take Bitcoin for example.
In 2015, the coin’s price was around $400. Currently, a single Bitcoin is worth almost $63,000. However, the downside is investors can quickly lose money as well.
Sherrod isn’t the only bullish one when it comes to cryptocurrency.
Chandler Abbott, an employee of WeWork, said he likes the trends he sees when it comes to financial institutions’ attitudes towards cryptocurrency.
“It’s to their advantage that if they want to implement something to be innovative to make money, they can do that, but it also needs to be trustworthy,” Abbott said.
Sherrod said he still looks for stability with his investments.
“I’m hoping to hit the jackpot on some of those, and just have good long term investments with Bitcoin and some of the other major cryptos,” Sherrod said.
Experts predict the popularity of trading in the crypto markets to continue to increase in the coming years.