Spring break goers on Miami Beach say the 'mystery' of cryptocurrency is the 'future of the financial system'

Spring break goers on Miami Beach gave Fox News their definitions of cryptocurrency, saying it’s "the future of the financial system."

"Cryptocurrency is like a digital universal currency that’s used online," a Canadian resident visiting Miami told Fox News. "It’s kind of like stocks. It can go up or down. They fluctuate with the market, I guess, depending on the current trend."

Cryptocurrency, otherwise known as "crypto," is any form of currency that only exists digitally where transactions are secured through cryptography. 

Fox News Digital asked young men and women on spring break to explain crypto for those who don’t understand how it works. 

A student from Kent State University told Fox News Digital crypto is "not real money" and that it is "confusing to a lot of people." 

"You can't just go to the store," and spend ten Shiba Inu, he added.

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There’s a difference between "what the mass media wants you to go for and what actual crypto is," a University of Delaware student said. "It’s kind of like the difference between the S&P 500 and buying a regular stock in the stock market." 

Cryptocurrency is "reverse inflation," another student from the University of Delaware said, adding that it is "taking out the banks," and giving "more money for the people."

A Canadian resident visiting Miami said he thinks it’s "OK to have a lot of mystery around" crypto." 

I understand the bitcoin and stuff like that, but when you get into the NFT’s and all that area I don’t really understand that.

"I don’t see how a picture of a monkey can sell for half a million dollars," he added.

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The students expressed their opinions on the specific currencies offered under crypto. 

A Kent State University student told Fox News he invested in Shiba Inu and has "probably gained about a grand from it." 

"I started about a year ago. It fluctuates a lot," he said. "I’m not really invested in bitcoin. I don’t have that much money, so I invest in the really cheap stuff."

"I think that Dogecoin represents the power of the people taking the power from the people that are abusing it," a University of Delaware student told Fox News. "Dogecoin started as a joke, and now it has real financial value based on its demands." 

However, another University of Delaware student said he "doesn’t really trust things like Doge coin" because it’s "made up."

"Just this morning I actually made $150 dollars on crypto," he added. "Ethereum is going to the moon right now."

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A Kent State University student said he really likes crypto because it "has a lot of unknowns," which he lives for. "I have about $400 dollars invested into it, but I have over a million shares of it. So if I lose $400 dollars, I lose $400 dollars. I’m in college [so] I’m really not too worried about it."

A Wisconsin resident visiting Miami told Fox News, "it’s going to take a long time for [crypto] to become normal, and once it does, everyone’s going to be using it."