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The US Military Experiences an Investment Craze, with Cryptocurrency and Tech Stocks as the Main Investment Focus
BlockBeats News, December 2nd, according to The Wall Street Journal, a strong investment culture is sweeping through the US military. From tech stocks to cryptocurrency, the military is becoming a unique "investment club."
The report states that this trend is significantly changing the financial situation of service members. Porsches and Hummers in military base parking lots are becoming more common, and social media influencers in uniform are teaching their followers the path to wealth. However, this phenomenon also comes with significant market risks, as some service members' high leverage and concentrated positions have raised concerns about their financial situation in market downturns.
The article highlights several cases to demonstrate the high-risk nature of military investments. The story of Coast Guard Petty Officer Third Class Bryson Saunders is quite representative. He entered the market after hearing a comrade bragging about making money on Dogecoin, subsequently investing in Bitcoin and meme stocks like GameStop, stating, "I was trying to punch my ticket."
Navy Lieutenant Zach Rodriguez, while cruising the Pacific on an aircraft carrier, influenced by his peers, put half of his family's savings (over $100,000) into cryptocurrencies like Chainlink. He has experienced asset surges but also suffered a painful loss of $250,000 in a cryptocurrency scam. Today, he describes himself as a "bitcoin and chill" investor, holding around $1 million worth of Bitcoin and related company assets.
The article, through an analysis of IRS data, found that the US military played a significant role in the cryptocurrency market cycle from 2020 to 2021. The data shows that in 2021, among the top 25 US postal code areas with the highest proportion of individual tax returns declaring cryptocurrency receipts or disposals, 11 are located around military bases. Tax filers from some military bases participated at more than four times the national average rate.
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