Students learn ins and outs of cryptocurrency

FINDLAY, Ohio (WTVG) - Cryptocurrency, a relatively new economic trend, is a type of virtual money. It’s free from government control or regulation, is making some people millions, and has been exploding in popularity. Now, a class at the University of Findlay is teaching students all about this emerging market.

“I understand it as a potential,” says senior Jill Schmitmeyer. “I don’t want to say a threat to the dollar but something that could be the currency of the future.”

“What cryptocurrency does is kind of create this whole new thing of a currency that is not affected by global issues,” says senior Jacob Brown.

Findlay finance students have been observing the rapid growth in the value of cryptocurrency. In 2009 Bitcoin was essentially worthless. Now, one coin can be worth over $55,000. According to economics professor Dr. Gregory Arburn, cryptocurrency is booming in value not because it’s tied to the gold standard or global economy, but simply because it’s in demand.

“You have a limited supply and the demand has been increasing because we’ve all heard and learned more about it, which makes the price go up,” said Dr. Arburn.

Arburn says he believes digital money has strengthened the global economy, even throughout the pandemic. But he also expresses caution to his classroom. He thinks as the currencies get more popular, restrictions to the new money medium could arise at any moment.

“At any point in time, any of these major economies could decide to regulate it,” said Dr. Arburn. “And if there’s significant substantial regulation, then it probably makes the price come down... Maybe just temporarily but at some time the price will come down.”

Dr. Arburn’s advice to those looking to make their own crypto investment is to do their own research before any money changes hands, the same advice he gives for any investment.

Copyright 2021 WTVG. All rights reserved.