A report from CivicScience, a market research firm in Pennsylvania, caught my attention and prompted me to lean back in my chair and utter out loud, “OMG!”
The report by the well-respected firm interviewed thousands of respondents in the United States in October and came to the following conclusions: “Cryptocurrency gains may be fueling the persistent labor shortage in the U.S.” and “a number of Americans have given up their full-time jobs to take their chances on risky digital assets.”
Cryptocurrencies, such as Bitcoin, are digital assets.
A recent headline on Insider.com blared: “Crypto fever has gripped markets this year, making stars out of Dogecoin, Shiba Inu and Solana, with investors pouring a record $8.9 billion into digital coins — more than in all of 2020.”
Deep in the article comes the following: “Shiba Inu has a market capitalization of $30.6 billion despite only launching in August last year — making it the 11th biggest crypto by value, while Dogecoin is two rungs above, having gained an eye-watering 9,000% over the past 12 months, based on Binance.US data.”
I cannot recall any group of markets or investments that receive as much bullish publicity as cryptocurrencies. Each day I pour over the news about markets of all kinds and cannot count the bullish articles about cryptocurrencies.
For example, from Business Insider: “A crypto investor bought about $8,000 worth of Shiba Inu coins in August 2020. Just over a year later, the $8,000 trade…