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CNBC's "Fast Money"

CNBC SPECIAL: Generation Gamble Part 2

CNBC's "Fast Money"

CNBC

News, Business, Investing

3.91.3K Ratings

🗓️ 10 November 2021

⏱️ 16 minutes

🧾️ Download transcript

Summary

CNBC’s Melissa Lee examines how social media and its influencers are changing the world of traditional investing by glamorizing trading for a new generation and fueling the rise of crypto. Lee visits Miami, where there is an emerging crypto and tech scene. She profiles a young social media influencer and claimed crypto millionaire who shares his financial advice online with more than a million followers. And she explores the rise of fintech influencers and the broad effect social media is having on investing. Lee’s reporting also takes her to the virtual world of this new generation of digital natives. She looks at multiple metaverses, interviews the former CEO of Atari and visits one of these virtual realms where there is an Atari branded casino and cryptocurrency called the Atari Token. With instant gratification and real-time adjustments, some companies and players are betting the metaverse is the next step in the evolution of gaming. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

Click on a timestamp to play from that location

0:00.0

The restrictions on crowd sizes have even reached the strip, which we had to shut down

0:07.0

the strip in Las Vegas. Right now we're seeing these casinos set down

0:10.0

coast to coast. When Las Vegas went dark during the pandemic, our screens lit up.

0:17.0

For lockdown consumers, a new range of apps made betting, gaming and even investing

0:23.0

easier than ever. My friends personally sports betting or investing,

0:27.0

anyway, they can make the food fun. These games today sound like they could be even more

0:31.0

addicted because they're actually being created and adjusted to what the gamer wants.

0:38.0

Yes, completely, completely. For a generation raised on smartphones and

0:42.0

influenced by social media, I'll show you exactly how I can make it.

0:46.0

You come become a millionaire without doing any research.

0:49.0

Some apps have encouraged more daring attitudes towards money.

0:53.0

You open it up every single day and you're like, oh my god, I just made 700 more dollars.

0:58.0

People are saying you could be a millionaire.

1:00.0

It doesn't feel like real money. It's because it's so easy.

1:02.0

It's almost the same thing as going shopping online.

1:05.0

With the explosion in online betting and investing apps,

1:08.0

is business simply giving us what we want?

1:11.0

You can bet on the games you want anytime you want.

1:14.0

Or turning us into a generation of gamblers.

1:17.0

You invested $10,000 and it turned into $1.3 million

1:22.0

on a cryptocurrency created based on a meme.

1:25.0

That was me with spare money.

...

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