Move over, Baby Boomers and Gen-Xers. Tyler Adkison, a cryptocurrency hedge fund CEO, says cryptocurrencies are the wave of the future that will be ushered in by Millennials.
Adkison, 22, recently retired as a minor league baseball player with the Los Angeles Dodgers to launch a crypto hedge fund focused exclusively on athletes. Despite skepticism from people around him because of the unstable nature of the virtual currency market, Tyler is excited about this new chapter of his life.
“This movement of cryptocurrency is a very Millennial-driven movement,” Adkison told the OC Register. “The developers are all Millennials or younger generations. They’re all tech-savvy. The people creating and driving this space are us. ”
While it may sound odd that a former aspiring baseball player gave up professional sports to jump head-long into cryptocurrencies, Adkison said he’s a tech geek who has been fascinated by bitcoin for years.
“I studied business at San Diego State and I’ve always had my eye on investing, things of that nature,” he said. “Technology has fascinated me as long as I could imagine. I was waiting in line for the release of the first iPad. I was in middle school. I sold candy to pay for it. I feel like cryptocurrency is the pinnacle of technological advancement.”
30 Clients, Including Red Sox Star
In his free time during baseball training, Adkison formed the cryptocurrency hedge fund BlockTerra Capital LLC.
Thanks to word-of-mouth buzz, Tyler already has investors and 30 clients who are pro baseball or football players. His first client was Joe Kelly, the 29-year-old pitcher for the Boston Red Sox.
While it may be easy to dismiss Tyler Adkison as another gullible, inexperienced entrepreneur, the fact is, many emerging leaders in the cryptocurrency ecosystem are Millennials just like him.
Take Ethereum co-founder Vitalek Buterin. At 24, Buterin’s net worth reportedly tops $400 million. And he’s just getting started. But beyond his staggering net worth is the influence Vitalek wields in the nascent crypto industry.
Chris Castiglione, an adjunct professor at Columbia University, says the younger generation are better suited to take the risks associated with a volatile industry like crypto.
“I think the crypto market is attractive to Millennials because it’s a space with both a lot of growth and risk,” Castiglione told Forbes. “People who are 40+ years of age are likely settled down with a career and family, and less inclined to get into such a quick-growth, volatile field. It’s been the same way with startup founders over the past two decades.”
‘No One Can Stop’ Crypto
While billionaires like Mark Cuban say bitcoin is worthless, former investment banking professionals like Dave Chapman says bitcoin is the undeniable wave of the future.
Chapman, who previously worked at Credit Suisse, Bear Stearns, and HSBC, is the co-founder of ANX, a blockchain solutions provider, and ANX Pro, a cryptocurrency exchange.
Dave says bitcoin is here to stay because “no one can stop crypto.” While most bitcoin investors obsess over its daily price fluctuations, he says BTC prices are the most boring thing about the budding virtual currency market.
“The price to me is probably the most uninteresting component about bitcoin,” Chapman said. “I’m more excited in the applications and more excited about what this means for people who don’t have access to financial inclusion. If we focus on the price, we’re losing track of the big picture.”