At this time just last year, cryptocurrencies were all the rage. Bitcoin was the only one to become a household name, but a huge number of alternative currencies were cropping up all over. Blockchain investing got its start and attracted established business-people who sunk serious investments into such companies, hoping to capitalize on rapid growth.
The boom also attracted more casual investors, mostly young adults with a little bit of disposable income, all wanting to mimic the kinds of success stories they’d heard on news channels or from coworkers.
Now, many of those investors are suffering serious losses. An individual named Pete Roberts was recently featured in an article by the New York Times that discussed the risk of such investments. Roberts initially invested $23,000, and the value of that same currency now sits at $4,000.
For bigger-name investors, such losses are seen as an inherent risk of any investment undertaking, but for average people like Roberts, these losses are serious, potentially even crippling.
Bitcoin has since failed to climb back to the highs it saw last year, leaving many in the lurch.
There has also been a consistent threat from hackers, who have been able to steal cryptocurrencies from market sites.
So far, major world governments have not moved to place any new restrictions on such currencies.