It's no secret that many on Wall Street look to younger generations as a means of gauging demand for new and innovative technologies. And there is nothing more controversial and millennial driven in the investment world today than cryptocurrency.
Zev Fima, Research Analyst with ActionAlertsPLUS, had a chance to sit down with three bright minds from Greenwood Project to discuss their views on cryptocurrency.
• Hayes Bynum, a recent graduate of the University of Iowa where he studied Mathematics and currently is a fixed income analyst at Sandler O'Neil and the COO of the Greenwood Impact Fund
"I like the idea and the principle behind it, especially with blockchain, as far as Bitcoin, I'm a bit hesitant, you know, I don't think that's the finished product. I think it's a nice kind of rough draft of it. But I do like the idea in terms of the future, as far as when that is, that may be 10 years out, 20 years out."
• Robert Whitmore IV, an International Development major at the University of Illinois - Urbana Champaign currently serving as a Data Analytics & Transactions Marketing intern at Nasdaq and the CEO of the Greenwood Impact Fund
"I feel like right now it's a speculative asset class, but I see potential in it, in giving, as my major is international development, giving third world countries or developing nations, individuals within those countries lack access to formal financial institutions, which is huge. And alleviating poverty and actually giving more individuals access to the global markets. But right now we need to see more regulation and science behind it before we can take it serious and like include in the portfolio."
• Christopher Holloway, a senior at Drake University studying Finance with a focus on insurance with plans to pursue a career in asset management after graduation and the CIO of the Greenwood Impact Fund
"Cryptocurrency is something that we see as a financial instrument that can substitute banking in some cases. We see it as a transfer of money. We see it as a transfer of value. So these things are great for countries that do not have the infrastructure to, you know, facilitate high-level banking or a high level money transfer. So, What we think is that it's perfect for those situations. For our situation in the U.S. we don't see any reason for the current state to change."
For those unfamiliar with the organization, it is all about introducing participants to the financial services industry. As stated on their website, greenwoodproject.org
"Greenwood Project introduces youth to careers within the financial industry via paid summer internships, educational field trips and our summer financial institute for high school students. In many cases, our programming gives young people strong motivation to succeed in their remaining high school tenure and also a compelling reason to attend college."
Watch the full video here.