A prominent financial writer and investor has labelled peer-to-peer lending as a growth area and cryptocurrency as the future of investing.
Speaking at the P2P Investing Summit, a virtual event hosted by Peer2Peer Finance News and AngelNews, author, comedian and voice actor Dominic Frisby (pictured) revealed he is a keen cryptocurrency investor.
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“P2P lending has to be a growth area,” he said.
“The Financial Conduct Authority (FCA) and Bank of England have been very wrong on crypto, it’s clearly the future.
“People dismiss it as a bubble but it’s a $2trn (£1.4trn) industry now, it’s been around for 12 years and it’s not going anywhere. Money is technology, it’s always been technology and we’re now in a world of non-government money. Anyone who bought Bitcoin at any time in history as long as they didn’t sell have made a profit, that doesn’t apply to other coins.
“I think there are 12,000 different coins the last I looked. No one can follow all of that. There’s a huge amount of luck involved, there’s a huge amount of online research and chat boards, it’s very volatile but if you’re young and have no money what are you going to do, invest in the FTSE 100 which is the same price as it was 20 years’ ago or crypto, which goes up every year?
“It’s volatile, it’s the Wild West and it’s full of scams but it’s the future. In a way all investing is gambling and in a way if you’re going to gamble the way to do it successfully is make sure the odds are in your favour and that’s with detailed research and technical analysis.
“I think investing in Bitcoin is the accumulated product of 35 years of contrary and computer genius.
“Vitalik Buterin, who invented Ethereum, is a genius. You only need to hear him talk to tell he’s a genius. He already left university by the time he was 17 and was a billionaire by his early 20s, you don’t do that if you’re stupid so investing on the back of geniuses is a good investment strategy rather than investing in thickos.”
In September, outgoing FCA chair Charles Randell said that digital tokens could have a “promising use” for raising capital but warned that a balance is needed between supporting innovation and protecting consumers.
He highlighted an Instagram post from Kim Kardashian West for Ethereum Max that she was recently paid to promote to her 250 million followers.