One Wednesday evening not long ago, Space Force Captain Gordon McCullough was flying a military propeller plane high in the quiet darkness of New Mexico when his squadron's group chat exploded—the squadron members. Some were on the ground, some in the air, carrying out electromagnetic warfare data collection missions, but their minds were preoccupied with something else: Google's stock price suddenly surged in after-hours trading. After landing, McCullough saw a screenshot of a news article sent by a ground officer pop up in the group chat, followed by a reply: "About to take off!" For McCullough and his comrades, this was destined to be a fruitful day. The US military might be considered the world's most aggressive investment club, sweeping through this bull market. Active duty soldiers are making a fortune in tech stocks and Bitcoin, even exchanging investment tips on niche cryptocurrencies on aircraft carrier decks. As the stock market hits new highs, new Porsches and Hummers are increasingly appearing in military base parking lots, while internet celebrities in combat uniforms are sharing their wealth-building secrets with their followers on social media. As a flight test engineer, McCullough has heavily invested in nuclear power-related companies, betting that the boom in artificial intelligence data centers will ignite electricity demand. His gains so far are impressive—some of his holdings have doubled since this spring. However, the 27-year-old officer is also wondering: how long can this rally last? "To be honest, I don't understand why the market can continue to rise like this," he admits. Despite recent market volatility, the overall upward trend in US stocks since April has quietly boosted the net worth of this special group of investors. Active duty military personnel fueled the cryptocurrency rally that began in the fall of 2020 and peaked in 2021. According to an analysis of IRS data by the Wall Street Journal, eight of the top 25 tax codes in the U.S. for reporting cryptocurrency transactions or disposals in 2020 were located near military bases. Bitcoin prices also increased approximately fourfold that year. By 2021, this proportion had climbed to 11 out of 25 area codes. According to IRS data, in 2021, 16.3% of individual income tax returns in the vicinity of Holloman Air Force Base, New Mexico, reported receiving, selling, exchanging, or disposing of cryptocurrencies. The proportions were even higher in the vicinity of Luke Air Force Base, Arizona (19.4%) and Vandenberg Space Force Base, California (18.1%). Nationwide, only 4.1% of tax returns checked this option. According to the latest data released by the IRS for 2022, military bases have lost their dominant position in the cryptocurrency investment field. As cryptocurrency prices plummeted that year, the number of people reporting crypto asset transactions, both inside and outside the base, dropped sharply. However, this year-long crypto frenzy—along with the concurrent meme stock craze—has already ensnared an entire generation of military personnel in the investment game. While many active-duty military personnel adhere to a long-term investment strategy focused on index funds, some are keen on short-term speculation or concentrate large amounts of assets in a few stocks or tokens. These investors are often young, lack knowledge beyond market growth, and have virtually no risk hedging. "If there's a major market correction, they'll be badly hurt," warns Brian O'Neill, a financial advisor and Air Force veteran. Many have already suffered heavy losses from bad bets, but military culture tends to glorify successes rather than reflect on failures. "There's a culture of boasting here," O'Neill points out. Coast Guard Petty Officer Bryson Sanders' experience has been like a rollercoaster: in 2021, after hearing recruits at Tampa boast about making huge profits from cryptocurrencies, he followed suit and bought Dogecoin, while also investing in Bitcoin, Game Station (a popular meme stock during the pandemic), and "all the crazy-rising stocks." He stated, "At the time, I just wanted to gamble on a chance to turn things around." While Sanders profited from Tesla stock, he suffered a single-day loss of over $10,000 last winter while trading a financial product—a leveraged bet on stock in MicroStrategy (now Strategy), a company that holds Bitcoin. Following this setback, he shifted to a portfolio primarily composed of stock index funds. Additionally, he earns a five-figure monthly income through his side hustle as an influencer on TikTok and Instagram. Military bases are a natural breeding ground for investment frenzy. They attract large numbers of young people—many of whom are born risk-takers—who have both leisure time and disposable income, and who speak with little restraint about their personal finances because military pay is transparent and distributed uniformly according to rank. While the military provides a guaranteed pension after 20 years of service and unparalleled career stability, it doesn't offer generous salaries or six-figure year-end bonuses. Military personnel have always been active investors. Some have used Veterans Affairs loans with zero down payment to buy rental properties; during the inflationary period of the 1980s, sailors confined to nuclear missile submarines for months at a time spent discussing gold bars and rough diamonds; and in the late 1990s, tech stocks were all the rage. But in the past two decades, two intertwined waves have greatly fueled the military's culture of getting rich: first, trading websites and apps like Robinhood lowered the investment threshold; and second, the ongoing wars. Since the early 21st century, hundreds of thousands of troops have been stationed in remote bases in Iraq and Afghanistan. They receive dangerous mission allowances, separation benefits, and exemption from federal income tax. The sudden influx of extra income prompted them to look for ways to invest their money. F-16 fighter pilot Sean Walsh opened his first securities account during his deployment to Iraq in 2008. His primary duty was bombing, but during breaks between missions, he often had to stand guard for hours in a nearby lounge. With nothing to do while clad in his flight gear, he and his colleagues began discussing investment strategies. Walsh, a recent college graduate, had accumulated substantial savings for the first time. He initially invested in mutual funds, later shifting to index funds, individual stocks, and rental properties. According to him, he will be worth millions of dollars by the time he retires from the Air Force in 2024. In 2013, Spencer Rees, an Air Force transport pilot, flew between Kyrgyzstan and Afghanistan transporting soldiers. "Every flight was like a crash course on different investment strategies," he recalled. Someone suggested investing in gas stations and 7-Eleven convenience stores, another recommended covered call options, and yet another was fascinated by Bitcoin. During long flights, Rees would read books on investing. While the military offered basic training courses on saving, budgeting, and investing, word-of-mouth experience was often more favored. There is fierce competition among military personnel, but also a deep camaraderie – a camaraderie that even extends to the investment world. When someone makes money, they proactively share their experience, hoping their comrades can also profit. It has become commonplace for officers to pull out their phones and show off their investment account balances. Cryptocurrencies spread like wildfire in military camps in the early 2020s. Navy Lieutenant Commander Zach Rodriguez invested over $100,000 – equivalent to half of his family savings – in tokens such as Chainlink, Polkadot, and Quant. This interest began with conversations he had with his comrades while cruising the Pacific Ocean on an aircraft carrier. In 2020, Navy Lieutenant Commander Zach Rodriguez poses for a photo next to a helicopter. That Pacific patrol mission marked the beginning of this naval aviator's journey into cryptocurrency investment. Initially, he did profit handsomely from the soaring value of cryptocurrencies, but then the digital currency crashed. He claims he was scammed out of $250,000 worth of cryptocurrency. Now, this helicopter pilot is a "calm Bitcoin holder": focusing on investing in Bitcoin and related companies, and revealing that his assets have risen to approximately one million dollars. The meme stock craze also swept through the military with lightning speed. In 2021, Air Force Medical Services Administrator Master Sergeant Durrell Bailey was teaching a class at George Mason University with more than 20 military personnel pursuing master's degrees when someone mentioned stock in an educational technology company called Chegg. The stock price was falling at the time, and the informant claimed it was a good opportunity to buy on the dip. "He urged, 'Buy it before it bounces,'" Bailey recalled. Immediately, eight or nine people pulled out their phones and bought the stock. [Image caption: Master Sergeant Durrell Bailey, photographed in Arizona in 2019.] Over the past decade, he has gone from zero savings to a six-figure net worth. Bailey, who invested hundreds of dollars, ultimately lost money. Chegg's stock price briefly surged to over $113 per share in early 2021, but fell below $25 by the end of the year, and recently traded closer to $1. Wherever he is, stocks and cryptocurrencies are always a topic of conversation between Bailey and his colleagues. "We discuss it in the barracks, in the gym, and in the mess hall," he admitted. When he enlisted in 2015, Bailey had no savings. Now, at 31, he and his wife have a net worth in the six figures, largely thanks to their investments in stock index funds. "We've laid a solid foundation for the future," Bailey said. New Wealth and New Concerns Signs of wealth growth are readily apparent around military bases. Army Warrant Officer Eric Rollins (a helicopter pilot based in Colorado and currently deployed to the Middle East) revealed that he recently purchased a $10,000 Rolex watch to commemorate a milestone: his stock investment gains surpassed his military pay for the first time. Many others have had similar experiences. "There are quite a few luxury cars everywhere on the base," said the 29-year-old soldier. Some financial advisors and veterans worry the good times won't last. Price-to-earnings ratios are near record highs, and stock indices are increasingly dominated by a few tech companies. "I worry we might be facing a bubble burst," said retired Army officer David Ashcraft. During the tech boom of the late 1990s, Ashcraft, then a young lieutenant, bought shares in Cisco and Sun Microsystems. When the market crashed, his personal retirement account plummeted from $10,000 to about $3,000. Since then, he has consistently invested in index funds. "If someone tells me they've put all their money in cryptocurrency or a few stocks," he said, "I'll always feel worried." Bonds have largely fallen out of favor among military personnel because they've underperformed stocks in recent years. And very few say they hold large amounts of cash. Many military personnel believe they can afford to take higher risks because they have job security and a guaranteed retirement after 20 years of service. Even conservative investors face more risk due to the nature of the market. Space Force officer McCullough from New Mexico said that a few technology and energy-related stocks now account for the majority of his net worth simply because of significant appreciation. Even in a bull market, high-risk bets can still end badly. In 2023, Marine Corps truck driver Moises Gonzalez, stationed in Albany, Georgia, earned $38,000—but lost $20,000 in day trading gold and stocks. "Some days were really tough because I was just constantly losing, losing, losing, losing," he admitted. His biggest single-day loss was $15,000, while his biggest single-day profit was $6,000. He set up three computer monitors in his base barracks—a sight that once made a colonel frown during a routine inspection—and took his laptop to the vehicle depot where he worked to trade during the early morning downtime. Over time, Gonzalez's trading skills improved. In 2024, he earned $30,000 through day trading. A few months ago, he left the Marine Corps and moved to Hawaii to start trading full-time. The 25-year-old hopes to net $10,000 a month in the market, but has not yet reached that goal. "I can earn $7,000 in three or four days," he said, "but I'll lose it all on the fifth day."
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