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Why is the interest in cryptocurrency on the rise?

Published: Mar. 23, 2021 at 5:29 PM CDT
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SIOUX FALLS, S.D. (Dakota News Now) - Over the last year, cryptocurrency has become increasingly popular.

Cryptocurrencies are digital assets that are used for exchanging, in which they can be bought or sold online. The difference between this currency and others, such as the U.S. dollar, is that cryptocurrencies, like Bitcoin, can be broken down into fractions of the components of the U.S. dollar, and be exchanged around the world quicker, via technology.

“Crypto never sleeps, it’s not like the stock market where it starts and stops. It’s used around the world,” said CEO of CoinLion Eric McDonald.

Sioux Falls-based cryptocurrency and technology company CoinLion, has seen firsthand the popularity of cryptocurrency grow.

“In the last 12 months to 18 months, you’ve seen huge momentum behind bitcoin specifically. Part of that is when the U.S. decided to start printing trillions and trillions of news dollars, all of a sudden, you’re realizing that there is extreme value in a stored value like Bitcoin being controlled by something other than the government,” McDonald said.

Bitcoin is just one type of cryptocurrency, and possibly the most well-known.

CoinLion has its own currency called LION. Which has limited access.

“You don’t have to be a crypto-enthusiast, you don’t have to know anything about it. We’re just trying to make crypto really simple for people,” the company’s CEO added.

Over the last few years, cryptocurrency has caught the eye of corporations as well.

“There’s been enough institutions that realized that cryptocurrency is here for the long hall. They have stated in the last 2-3 months that more than 80% of bitcoin is now held by institutions,” McDonald said.

And as for the future of digital currency, “I don’t know if I’m here to predict what crypto is going to do for the world. I do believe it is here to stay, and I do believe it’s going to have a significant impact on all of our economies around the world,” said McDonald.

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