Despite lingering concerns about volatility, scams, andlax regulatory oversight, cryptocurrency has evolved from a digital curiosity into a mainstream financial asset. About 28% of U.S. adults now hold some form of digital currency. Major financial firms and banks are increasingly offering crypto to their clients, and a growing number of merchants now accept crypto payments.
Consumer advocates worry about the “gold rush” mentality that’s taking place as millions try to cash in on the boom, seemingly unconcerned about the potential bust.
In this episode: We talk to Amanda Fisher, policy director and COO of Better Markets and former Chief of Staff at the SEC, and Corey Frayer, director of investor protection at the Consumer Federation of America and former senior advisor at the SEC. We'll cover what crypto is, how it works, and why people are buying a currency that’s virtually unregulated. Plus, we’ll explain “meme coins” and “stable coins.” And, is crypto as secure as we’re led to believe? (Spoiler alert: It’s not!)
Additional Resources:
NerdWallet: Cryptocurrency Basics: Pros, Cons, and How It Works
Bankrate: About 78% of Americans say they’re uncomfortable investing in Bitcoin or other cryptocurrencies. Here’s why
Related Consumerpedia Episode:
Episode 81: Algorithms Secretly Control Your Financial Fate
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