Crypto-currency in Rapid City; financial planner weighs in
As more people invest their money into digital currency, Rick Kahler, founder of Kahler Financial Group, says it might be better to leave it to someone with more financial knowledge.
RAPID CITY, S.D. (KEVN) - Increasingly, people around the world are putting down the pennies and picking up crypto-currency. Metaphorically that is.
According to Markets Insider, there were more than 100 million crypto-currency users in February 2021.
Crypto-currency is a digital form of money, not backed by anyone or anything in particular and not regulated by the government.
A local financial planner doesn’t necessarily see it as the currency we know and understand.
“You want to know that your dollar today is going got buy a dollar’s worth of things tomorrow,” said Rick Kahler, founder of Kahler Financial Group. “So when you have a currency that fluctuates as dramatically as the crypto-currencies, they’re not really useful as what we think of as a currency. As something to buy something with.”
Although there aren’t many places accepting crypto like bitcoin or dogecoin, one Rapid City business has since they opened four years ago.
“People wanted to purchase things, whether it was a comic book or a coin or an ounce of silver, with a different form of payment, and to us it’s just the same as accepting Mastercard or Visa or a check,” said Nathan Harding, owner of Rushmore Coin - Heroes & Villains. “It’s just another form and another option for people to use as a payment form.”
Purchasing something with crypto is the same concept as using a debit card, funds or ‘coins’ are transferred from your account into the businesses but as more people invest their money into digital currency, Kahler says it might be better to leave it to someone with more financial knowledge.
“I view them more like option strategies, calls, puts, futures, things of this type that may have a place in a traders portfolio or a hedgers portfolio or somebody who’s incredibly sophisticated but doesn’t have a place in the average person’s portfolio,” said Kahler.
Whether they’re an expert or not, people from 18 to 60 have come into Heroes & Villains hoping to use their crypto, perhaps more businesses will follow suit.
“Will it? I don’t know,” said Kahler. “I’m not going to risk my retirement future on it today. That doesn’t mean five years from now if we’re talking, we can go back and review this tape and go ‘well Rick, you missed that one.”
If you’re interested in digital currency, there are four locations in Rapid City as well as one in Spearfish where people can buy Bitcoin, Ethereum, and other crypto with cash using CoinFlip ATMs.
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