John, a 21-year-old boy, resides in Langaville Township with his parents. Like many teenagers, he dreams of becoming rich one day, but his method seems risky. With the insane popularity of cryptocurrency, the South African teen heard about crypto trading three years back from a YouTube video. John faked his age when signing up for a trading account; soon, good cash poured in, which acted as a confidence booster.
John was totally unaware of the notoriously volatile crypto; as the market plunged, he found himself in a difficult situation as he staked all his money secured for college fees on crypto trading. When sharing his story with Reuters, John remarked, “I will pay it back when I get rich”. The teen’s statement indicates how deeper his toes lie in this uncertain market.
He further stated that digital currency investment is helping him shop for expensive designer T-shirts and jeans he had always dreamed of buying as a kid. However, his parents, a low-income group, couldn’t afford it.
In the interview with Reuters, he sportingly claimed the ease of earning cash through crypto; you just need a phone and a bank account. He further added that he got 20 clients ready to pay him a reasonable amount for setting up their crypto accounts. John is now a source of inspiration for many other teenagers in the small town of Langavile. They wish to earn extra money to help their families overcome financial crises.
A recent survey revealed that most South African teens prefer crypto over a college education. They tame a common view that this risky market can enable them to fulfil their dreams and not a job.
How can south African teens be taught about crypto?
The growing cases of south African teens using crypto for easy money should be addressed immediately to secure the country’s future. Parents have to take the initiative by teaching their kids the value of money and how to use it in the right way.
The wise idea is to communicate with the children and help them understand cryptocurrency’s bright and ugly sides. Every parent needs to know where or when teens invest in digital currencies.
Financial parenting might become an effective tool in enabling South African teens to use cryptocurrency without getting addicted.