Cryptocurrencies exploded in popularity in the second half of 2017 and the beginning of 2018, marking staggering all-time highs and unparalleled gains. The march was led by Bitcoin – the world’s largest digital asset which marked an ATH of around $20,000 from just $1,000 at the beginning of 2017. The rallying prices caught the attention of regular retail investors, including stay-at-home moms.
Starting a Bitcoin Trading Fund
At the beginning of 2018 when prices were soaring and most of the cryptocurrencies were peaking at unparalleled levels, stay-at-home mom Tiffany Britt called out for others like her to pool some money and start trading.
At the time, Britt had managed to make an admirable profit of $1,000 from trading cryptocurrencies, reports The Week.
After she made the call, around 30 moms sent her money, collecting a total of $1,400. Whether she realized it or not, Tiffany had started a trading fund which would engage in trading both Bitcoin (BTC) and Bitcoin Cash (BCH).
A Wise Call?
At the time, Britt admittedly had absolutely no training or knowledge related to finance or investing, let alone cryptocurrencies. However, she and a few of her friends “had been teaching themselves about the stock market” for several years.
It’s easy to understand how regular investors would get all fired up about cryptocurrencies, though, especially at the time Britt started her symbolic investment fund. It was not unusual for a single digital currency to mark increases upwards of 100 percent in just a few hours, providing investors with unimaginable gains.
This allure gave birth to a range of different communities, including one called “Crypto Moms.” The community’s website features the following sentence on its homepage:
If you’re new to digital currency, getting started is easier than it might seem, click the “Start Here” button in the menu above for a brief overview.
The home page itself displays no warnings about the risks associated with cryptocurrency, such as high volatility, fraud, and many others which are riddling the ecosystem and urge particular care.
Britt’s Fund Today
Britt’s initial investment of the aforementioned $1,400 has melted down to $550, and it has been losing its value ever since it was made.
Conveniently, the cryptocurrency trading mom says that her idea wasn’t necessarily to “make money,” but rather to inspire literacy in an emerging field. Britt explained:
I think the goal was that if [all the moms who invested] had a little bit of skin in the game, we could individually do research and post what we learned in [the group].
It’s questionable, though, why she needed to collect, and eventually lose, other people’s money to do so.
What do you think of Tiffany Britt’s initiative? Don’t hesitate to let us know in the comments below!
Images courtesy of Shutterstock.