Financial Banking Institutions See Brain Drain in Talent, Bitcoin is Millennials’ New Wave
Many millennials have managed to get into the cryptocurrency market at the right time, making thousands and even millions in ROI. Business Insider Deutschland recently published a post using two Brits as an example of whom have successfully made sense of crypto, and eventually left their day jobs for their own startup projects.
The first example was that of Asim Ahmad, who supposedly quit his job at Blackrock Inc., an investment firm in London, as the 30-year old managed to accumulate personal funds. Ahmad stated that he invested around $13,000 in Ether when it was going as little as $10 a piece.
When being interviewed by Bloomberg, Ahmed stated that,
“The one-day volatility of my portfolio is higher than my salary, so if I get a few investments right then I’ll have made the same as my yearly wage.” He also indicated any money left over would be considered a “bonus”.
Adrian Xinli Zhang is another example worth mentioning here, as the 29-year-old, rejected his offer to take on the role of the Director of Deutsche Bank in New York to pursue a trading platform for digital assets. He, like Ahmed, was able to use his crypto profits to make something of him, indicating that working at a bank to make such money is not as profitable.
According to the claims made, banks like Deutsche and Goldman Sachs believe to have lost millennials with innovative ideas to the crypto markets, where many no longer want to work for someone else, but rather start something of their own. Ahmad has supposedly created a crypto fund where investments are made to crypto projects that focus solely on social and environmental issues.
In general, banks have been hesitant about the digital asset, merely because it is still unregulated. Furthermore, they were too late to enter the market, forcing them to compromise fresh talent. A problem that still remains, even to individuals like Ahmed and Zhang is its volatility, as crypto investors can quickly lose profits at the same rate they were earned.
In response to the notion of crypto-volatility, Ahmad stated that,
“If you start mentally spending this money, it will hurt you when it falls… if you enjoyed the volatility on the way up you have to accept it falls hard if not harder at times.”
Banks aren’t the only ones who have been skeptical about the future of cryptos, as negative headlines, mostly related to scams, hacks, blackmailing and sudden plummets in crypto prices have gotten reputable figures doubting its existence. The fact that making predictions about this relatively novice market is harder than ever, makes it more unconvincing for consumers.