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SWOT: Cryptocurrency/Blockchain
Strengths
Blockchain advertises itself on its website as the most trusted cryptocurrency in the world. Cryptocurrencies have been growing in popularity because of their perceived decentralization from central banking systems and the security they can offer in largely online transactions (Royal & Voight, 2021). Concerns about inflation have driven interest in cryptocurrency in the past given the uncertainty of the marketplace and policies of central banks (Royal & Voight, 2021). The fact that Blockchain is the best-known cryptocurrency and is more trusted than other, similar forms of exchange in this highly volatile market is useful because on one hand, it is still able to draw the interest of individuals still in search of the next new financial trend, but on the other hand the currency still has greater legitimacy and cache than other less well-known cryptocurrencies. Blockchain has been called the blue-chip stock of cryptocurrency (Sanati, 2021).
Weaknesses
However, cryptocurrencies are still a great unknown for many people, and suspicion of all forms of cryptocurrency is still quite high. Given the highly uncertain financial climate today, people may be more rather than less protective of their finances and reluctant to invest any money in something they do not fully understand or which seems like it may evaporate tomorrow (Royal & Voight, 2021). Investment guru Warren...…investors to become interested (Sanati, 2021)
Threats
However, the greatest competitive threat to cryptocurrency is the easy availability of other online investments, including standard buying and selling of mutual funds and stocks. For lower risk investors, index funds and other instruments are an easier way to invest money versus such a speculative gamble (Sanati, 2021). A number of recent scandals have also detracted from the perceptions of safety and security cultivated by Blockchain, including people who have bought worthless cryptocurrency on spoof websites (Sanati, 2021). Concerns about online theft and being able to demonstrate ownership of the currency are another barrier. Highly publicized incidents of individuals who have forgotten their passwords likewise have…
References
Blockchain. (2021). Official Website. Retrieved from: https://www.blockchain.com/
Royal, J. & Voight, K. (2021). What is cryptocurrency? Here’s what you should know. Nerd Wallet. Retrieved from: https://www.nerdwallet.com/article/investing/cryptocurrency-7-things-to-know
Sanati, C. (2021). 4 mistakes too many new cryptocurrency investors make. MarketWatch. Retrieved from: https://www.marketwatch.com/story/4-mistakes-too-many-new-cryptocurrency-investors-make-01626471774
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