Michael Dempsey: Young people fall into excessive speculation before they understand compound interest
In an October 19 interview with Empire, Michael Dempsey, managing partner at investment firm Compound, said he supports raising the minimum gambling age to 26 because young people often get caught up in short-term speculation before they understand long-term accumulation and compound interest. He admitted that, as a student, he earned his living expenses by betting on sports after analyzing sporting events, and that he started trading options at 18. But today, he is strongly opposed to prediction markets and excessive gambling. He believes the problem is not just that gambling creates no value, but that people focus too much on short-term returns and gradually lose the desire to create new things. Speaking about meme coin trading, he acknowledged that it takes a great deal of effort, but said it lacks genuine deep thinking. He even joked that using Pump.fun may be 100 times worse for your brain than using ChatGPT every day.
Source: Empire
In an October 19 interview with Empire, Michael Dempsey, managing partner at investment firm Compound, said he supports raising the minimum gambling age to 26 because young people often get caught up in short-term speculation before they understand long-term accumulation and compound interest. He admitted that, as a student, he earned his living expenses by betting on sports after analyzing sporting events, and that he started trading options at 18. But today, he is strongly opposed to prediction markets and excessive gambling. He believes the problem is not just that gambling creates no value, but that people focus too much on short-term returns and gradually lose the desire to create new things. Speaking about meme coin trading, he acknowledged that it takes a great deal of effort, but said it lacks genuine deep thinking. He even joked that using Pump.fun may be 100 times worse for your brain than using ChatGPT every day.
Source: Empire