Utah economy

What is the SHIB? : More Utahns Are Jumping On The Cryptocurrency Train

SALT LAKE CITY (ABC4) – It’s risky, it’s volatile, it’s getting a lot of attention from people around the world, and right here in Utah, it’s jumping on the Shiba Inu cryptocurrency.

While browsing your social media feeds, you’ve probably seen something on Shiba Inu or SHIB for short.

“It’s something that people see as an opportunity, a buying opportunity to fundamentally change their lives,” says Yosiah Solk of GGM Investments.

Solk says he knows how life-changing crypto is, adding, “Now I’m 24 and been in this space for five and a half years now, and I’m a multimillionaire.”

But even he waves the flag of caution.

“Just because they see it on Twitter and on YouTube, whatever Facebook is, you really need to do your research before you invest your hard earned money,” he says. “It’s a craze, you know, it’s a meme token.”

“The payout can be astronomical as long as it keeps increasing. When is it going to crash, can anyone guess? Says Lon Schiffbauer, professor at the Salt Lake Community College School of Business.

He has students asking him questions about crypto all the time, and there are tens of thousands of them.

“Even if we say that crypto will have a future in our economy in the long run, which one? The vast majority of them will disappear, ”says Schiffbauer. “The truth is, crypto is an economic bubble. It is a speculative bubble.

The professor says other examples of speculative bubbles include the real estate market and the Internet.

Experts said the SHIB rose more than 30% in 24 hours on Wednesday, breaking all-time records. And that causes a lot of concern.

“We all suffer to some extent from FOMO, fear of missing out, and memes really hang on to that because they really tell you on a new level, am I missing that?” Am I the only person not to invest? Said Schiffbauer. “It’s like any other investment, with the reward comes the risk.”

If you are thinking of getting into investing, Schiffbauer recommends paying attention to MEMES and recognizing that cryptocurrency is volatile.

“Realize that a fool is going to sit there with a whole bunch of worthless nothing until that thing stabilizes and becomes reasonable,” he said.

Advisors say there is no get-rich-quick scheme and you should talk to a financial advisor about your money and investments. Most ABC4 News spoke with, for example, index funds.

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Mary Cashion

The author Mary Cashion