American Crypto Investors Accumulating Altcoins Due to “Financial Nihilism,” Says Veteran Hedge Fund Manager
According to a senior executive at a crypto asset management company, most Americans are taking more risks in cryptocurrencies in the hopes of seeing benefits because of their financial troubles.
A “palpable component of financial nihilism” is prevalent in American culture, according to Ikigai CIO Travis Kling’s statement on the social networking site X.
Kling argues that young Americans are engaging in riskier crypto assets such as memecoins because they feel the American ideal is harder to attain than it previously was.
The belief that most Americans are being squeezed by the expense of living, that more and more individuals are unable to take advantage of opportunities for upward mobility, and that the ratio of median housing prices to median income is inherently unsustainable.
That kind of thinking is known as financial nihilism, and it is spreading throughout the United States. Anyone who thinks otherwise is ignorant of the zeitgeist among young Americans. Additionally, it is a major factor in the rise of “shitcoining.”
Traders seeking greater returns in cryptocurrencies are being led astray by two major patterns, as pointed out by Kling. A relative value, or the belief that one cryptocurrency is preferable to another just on the basis of price, is the first.
“When compared to Bitcoin, Ethereum is a bargain. In comparison to ETH, SOL is a bargain. SOL considers APT and INJ to be buys due to their low prices. The low APT and INJ costs make SUI, SEI, and TIA good buys. The levels of absolute value are disregarded. The basics are disregarded. Purchase the item due to its low price compared to the other item.”
The second fad is airdrops. Traders are joining crypto networks in the hopes of receiving free tokens, claims Kling.