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It could be the future of currency or the flop of the century. Cryptocurrency, now worth more than all U.S. dollars in circulation, is gaining traction, and Austin is getting in on it.
Curiosity into cryptocurrency has grown nationwide with 63% reportedly "crypto curious," or those wanting to learn more about it but have not started investing, according to Gemini, a digital currency exchange and custodian platform. The platform reports 14%, or 21.2 million, Americans currently own cryptocurrency with 68% of owners buying within the last two years.
(Laura Figi/Austonia)
Who is buying in?
Sam Nassar, a Texas State University accounting graduate student, started investing in cryptocurrency in July 2020, although he kept up with crypto trends before that. At 23 years old, Nassar said the decision to take the plunge and invest was born from quarantine boredom.
"I've always been intrigued in technology, and I've always been an early adopter, so I just decided to start to invest in it and understand kind of a little bit of behind it," Nassar said. "I do believe in the technology and I know it's so useful and truly is the future"
Since then he has invested over $700 in Bitcoin, Ethereum, Litecoin, Tether, Cardano, Chainlink and Internet Computer.
Cryptocurrency interest is heavily skewed toward younger men with the biggest percentage primarily between the ages of 25 and 44.
(Laura Figi/Austonia)
Likewise, 26-year-old, Liam Duddy, a South Austin salesman, started to involve himself in cryptocurrency after hearing the buzz about Bitcoin and how much money people were making off of it.
"I was like wow, so you're telling me it only takes me one of these little coins if I can get a hold of them and I have 30 grand," Duddy said. "That opened up a whole different world of all these different kinds of coins you can buy into."
Why are they investing?
For Nassar, cryptocurrency is about being part of the technology of the future. Nassar is studying to be a Certified Public Accountant and believes cryptocurrency, blockchain technology and innovations like smart contracts, or self-executing contracts programs, have the capacity to completely change the industry he wants to work in.
"You're going to have to have specialized auditors that understand blockchain technology in order to truly audit it, otherwise fraud can occur," Nassar said. "I think it really is the future. I really do think that that's another reason I'm investing into it, because I do believe that technology."
Cryptocurrency is about the gains for Duddy, who originally invested $400 and saw a $2,000 return when he invested in Bitcoin and Chainlink. Although he does see value in the future of blockchain technology, Duddy also has fun with it.
"Right now there's not a whole lot (of real-world application), it's not as easy to pay with, but if I have it and it's going up, you have one of them it's worth $50,000 U.S. dollars you can buy a car," Duddy said. "I guess you look at it as something fun to start off with."
What's their advice for new investors?
- Do your research before investing
- Use a platform meant for cryptocurrency
- Don't just listen to Elon Musk's predictions
- Look before you leap
Both Nassar and Duddy recommend using an app like Coinbase or Gemini to track your cryptocurrency.
Finally, don't let the volatility scare you but do make sure you do your research before you sink your life savings into an unregulated currency.
"At the end of the day it's like gambling," Duddy said.
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Popular
(Tesla)
Giga Texas, the massive Tesla factory in southeast Travis County is getting even bigger.
The company filed with the city of Austin this week to expand its headquarters with a new 500,000-square-foot building. The permit application notes “GA 2 and 3 expansion,” which indicates the company will make two general assembly lines in the building.
More details about the plans for the building are unclear. The gigafactory has been focused on Model Y production since it opened in April, but the company is also aiming for Cybertruck production to kick off in mid-2023.
While there is room for expansion on the 3.3 square miles of land Tesla has, this move comes after CEO Elon Musk’s recent comments about the state of the economy and its impact on Tesla.
In a May interview with Tesla Owners Silicon Valley, Musk said the gigafactories in Berlin and Austin are “gigantic money furnaces” and said Giga Texas had manufactured only a small number of cars.
And in June, Musk sent a company wide email saying Tesla will be reducing salaried headcount by 10%, then later tweeted salaried headcount should be fairly flat.
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(U.S. Marshals)
The Austin woman suspected of killing star cyclist visiting from out of town, Moriah "Mo" Wilson, has now been captured after evading arrest for more than a month.
Kaitlin Marie Armstrong, an Austin yoga instructor, is believed by officials to be the killer of Wilson, who was found with gunshot wounds in a friend's house on May 11. The murder is being investigated as a crime of passion after Wilson met up with Armstrong's ex-boyfriend.
According to the U.S. Marshals, Armstrong was located at a hostel on Santa Teresa Beach in Provincia de Puntarenas, Costa Rica. Officials said she may have been using her sister's name after fleeing Austin on May 14, the day after police questioned her. She was last identified at Newark Liberty International Airport on May 18.
Federal authorities say they plan on returning Armstrong to the U.S., where she'll face charges of murder and unlawful flight to avoid prosecution.
Here's a timeline of events since the night of Wilson's murder.
- The night of her death, Wilson met with Armstrong’s ex-boyfriend Colin Strickland, a fellow pro cyclist. According to an affidavit, the pair went swimming, then to dinner, before he dropped Wilson off at her friend's home where she was staying in East Austin at around 8:30 p.m.
- While Wilson and Stickland had previously had a romantic relationship, Stickland said the two were friends. The affidavit says Strickland lied to Armstrong about his whereabouts that evening.
- Video footage shows Armstrong’s Jeep pulled up nearby the home within a minute of Wilson arriving home.
- At around 10 p.m., Wilson's friend called Austin police after finding her in a pool of blood. Wilson had been staying with the friend ahead of the upcoming bike race in nearby Hico, Texas.
- Armstrong was brought in for questioning the day after the murder and released after appearing “very still and guarded” when confronted with video evidence.
- The Lone Star Fugitive Task Force said her black Jeep Cherokee was sold to a South Austin CarMax dealership on May 13 for $12,200.
- She leaves from the Austin airport on May 14.
- Shell casings found on the scene matched a gun belonging to Armstrong.
- Austin police obtained an arrest warrant for Armstrong on May 17.
- She took a flight from Newark Liberty International Airport to San Jose, Costa Rica on May 18 using a fraudulent passport, according to the Marshals.
- On May 25, another warrant was obtained for unlawful flight to avoid prosecution.
- On June 29, she was captured by the U.S. Marshals