Generation Z and crypto trading
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 18 May 2022
⏱️ 19 minutes
🧾️ Download transcript
Summary
The lure of making a quick buck means young people have always invested in risky assets. For Generation Z, it is the volatility and the decentralised nature of digital assets such as cryptocurrency and NFTs which is so attractive. They are unregulated, meaning there is no investor protection. Some experts warn that trading them should be categorised as gambling.
Mariko Oi hears from young people who have lost vast sums of money trading in digital assets, Resh Chandran who describes himself as a financial educator offering training in conventional stocks, cryptocurrency and NFT trading in Singapore, and Brian Jung. Brian is an investor, entrepreneur, and influencer. He is best known for his personal finance, credit card, and crypto YouTube channel which boasts one million followers, but compared to other influencers, he is known to talk more cautiously about risks and danger.
Presenter: Mariko Oi Producer: AnneMarie Parnell (Photo: Brian Jung. Credit: Brian Jung
Transcript
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| 0:00.0 | I had this secret. I robbed banks in my spare time. Lives less ordinary from the BBC World |
| 0:09.0 | Service. This is not a good thing to do because police are after you. Find out more at the end of this |
| 0:16.4 | podcast. Hi, I'm Marie Koi. Welcome to Business Daily on the BBC. Today we're looking at where |
| 0:25.5 | Generation Z and millennials put their money. You guessed right, cryptocurrency and NFTs. |
| 0:32.3 | All my friends are talking about it. And, you know, one day I just decided, you know, |
| 0:36.7 | why not just jump in, see if I can make some |
| 0:38.9 | money. |
| 0:39.9 | But they're unregulated meaning there's no investor protection. |
| 0:44.0 | It's a risky space that can suck you in and spit you out. |
| 0:48.0 | You have the ability to watch Bitcoin going up, down and basically this roller coaster ride of like, whoo, the highs, |
| 0:56.4 | boom, the lows, just means that addictive process is there at any point and you can be hooked |
| 1:03.4 | in constantly. |
| 1:05.1 | This is Business Daily from the BBC. |
| 1:15.5 | A lot of youngsters nowadays, they just jump in. My advice to them is don't be like me. |
| 1:18.6 | Don't be greedy or big-headed thinking that, well, you're God, you know, you make so much |
| 1:24.7 | money without any knowledge. |
| 1:27.4 | Kelvin Kong got into the crypto market in the early years. |
| 1:31.6 | For a while, he rode at the top of the way and made nearly half a million Singapore dollars, |
| 1:37.9 | around 360,000 US dollars. |
| 1:41.1 | But in 2018, it crashed, within three months he'd lost everything. |
| 1:47.3 | He's back at Singapore's East Coast Park, a place he'd go after hitting rock bottom. |
| 1:53.3 | I didn't know what I was doing. |
... |
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