Initial Coin Offering Craze Lures Australian Investors

The hype surrounding the profit-potential associated with initial coin offerings (ICOs) is continuing to attract participation from Australian investors. Despite the potential to incur fast losses just as easily as fast profits, many Australians appear to be dabbling with casual cryptocurrency investment.

Australian Investors Seek ICO Exposure

Initial Coin Offerings are attracting investment from ordinary Australians, with a recent report by the Australian Broadcasting Corporation describing the experiences of many investors actively trading the ICO markets.

Warren Stokes, a 58-year-old casual crypto investor, recounts being introduced to the world of cryptocurrencies when his high school-aged son began receiving postal bags filled with $50 notes in the mail approximately seven years ago. “He explained to me he was on a group on Reddit,” Mr. Stokes said, “1,000 people were joining their computers together to mine, […] honestly, I had no idea what he was talking about.”

Risks Posed to New Investors

Alex Saunders, a Youtuber who has covered the cryptocurrency markets since 2012, has indicated that some ICO investors are gaining exposure using borrowed money, stating “I’ve heard people are taking out money on their home loans to get into cryptocurrency. Unfortunately, there are lots of people in this space and this is their first investing experience so they’ve been burnt once or twice and they’re learning that the hard way.” […]

Read Full: Initial Coin Offering Craze Lures Australian Investors