The chief executive of Freetrade, a British financial services startup, has claimed that the Bitcoin boom and bust of yesteryear pushed millennials — crypto’s targeted demographic — to the traditional equity markets. He also quipped that crypto assets are a “fad,” and that stocks are “better.” Yet, some have argued that cryptocurrencies are a new paradigm, and will eventually overtake traditional securities.
Freetrade Founder: Bitcoin Pushed Millennials To Trade Stocks
The Telegraph U.K. recently reported that Adam Dodds, the Canadian national behind growing fintech star Freetrade, remarked that Bitcoin’s tumult in 2017 and 2018 was the “gateway drug” that made millennials enamored with stock market trading.
He exclaimed that instead of the natural progression of “pot to heroin” (bad to even worse), BTC’s chaotic nature pushed the aforementioned demographic to “something better.” More specifically, Dodds noted that the opportunities that cryptocurrencies presented allowed young people to see value in traditional investments. Dodds explained:
“Young people realised they could invest their money in a smart way, after the crypto fad.”
The Freetrade chief added that investors should still “play around with crypto,” cracking that this industry is still “a bit of fun.”
But Crypto Is The Future Of Stocks, Not A “Gateway”
Although the Freetrade founder fundamentally believes crypto was a “gateway drug” to the “better” equity markets, some would argue that blockchain-based assets are the future — far from a mere fad.
Anthony Pompliano, the founder of Morgan Creek Digital Assets and an anti-establishment figure, recently told BlockTV that he expects for all securities, whether it be stocks, bonds, real estate certificates, or otherwise, to be tokenized. The decentralist, well-known for his anti-bank, pro-Bitcoin rhetoric, claimed that this won’t be an easy task, however, quipping that this journey will take more than five years.
Jeremy Allaire, the CEO of Boston-based, Goldman-backed Circle, also echoed this sentiment in a recent CNBC interview. Speaking to the outlet, Allaire, who manages the aforementioned crypto startup, exclaimed that the “tokenization of everything” will eventually occur.
Allaire, who doesn’t seem to embody the hallmarks of a Bitcoin maximalist, noted he envisions a future filled with millions of crypto assets, whether they take the form of security, commodity, or utility tokens. In short, the long-time crypto advocate noted that he doesn’t believe cryptocurrencies are a “winner takes all” scenario, instead, he made it clear that a multitude of projects can live in relative harmony, due to this innovation’s ground-breaking potential.
As such, it could be said that blockchain-based assets, which exemplify transparency and security, will eventually surpass paper- and database-based stocks, rather pushing younguns to purchase their first centralized securities. In other words, projects like Bitcoin, Ethereum, and the like aren’t a fad. Full stop.