Cryptocurrencies begin steady climb following crash
The world's most recognisable cryptocurrency is booming again. After a sensational crash last year, the market price of bitcoin is back to almost half of its former glory and other crypto currencies are along for the ride. But experts are warning about the risks involved for those hoping to cash-in.
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00:00 Mark Grupski spends his retirement doing odd jobs around the house and watching his nest
00:07 egg.
00:08 Everyone was talking about a crypto and I thought what am I missing on?
00:12 So I quickly jump in not realising that it's totally wrong time to get into it.
00:17 Soon after Mark invested more than 50 grand, prices started dropping.
00:22 I was almost crying.
00:26 It obviously wasn't a good feeling.
00:29 Now the world's most recognisable cryptocurrency, Bitcoin, is back up to half its peak.
00:35 Others like Ethereum and the much derided Dogecoin are rising too.
00:40 The world's biggest asset manager, BlackRock, got the market rallying when it applied for
00:45 a Bitcoin fund licence.
00:47 What this means for investors is that cryptocurrency markets are likely to have an air of regulatory
00:55 legitimacy around them.
00:59 While a former crypto darling that helped crash the market is appearing before US courts,
01:04 apparently lancing the wound.
01:06 We do still have a bit of negative news flow but as you know market sentiment is everything.
01:11 To sceptics it is still just tulip fever.
01:15 Classic speculative bubble.
01:17 Once people get jittery for whatever reason the price can fall and it can fall quite sharply.
01:23 All investors who put their superannuation into cryptocurrency were left with little
01:27 recourse when the market last collapsed.
01:30 The federal government is now seeking to make this sector adhere to financial services laws.
01:36 It's certainly not for the faint hearted and we wouldn't recommend anybody sort of you
01:40 know throw, bet their house on Bitcoin or anything like that.
01:44 Mark Grubski is approaching crypto with more caution these days.
01:48 I'm not supposed to be involved in crypto because I'm a baby boomer but I love it.
01:53 I have to say I love it.
01:54 He treats it as a legacy for his grandchildren making Mark more of a crypto grand pop than
01:59 a crypto bro.
02:00 [BLANK_AUDIO]