Cryptocurrencies and millennials are a perfect match, according to some executives in the field.
Millennials seem to be the reason cryptocurrencies are experiencing such a remarkable boom. This generation of under-40s has grown up with digital technology, and almost everything it does is technology-driven. Fortunately for cryptocurrencies, this lifestyle perfectly fits Millennials.
According to Simon Yu, head of blockchain startup StormX, Millennials embrace new technology “to create opportunities for themselves.” In an article posted on Forbes, he cited as saying:
“The blockchain, the tech behind crypto, is no different. As masters of the side hustle and challengers of the traditional 9-5 working lives of previous generations, millennials are welcoming blockchain with open arms.”
His view is shared by Chris Castiglione, co-founder of One Month – a company that teaches a Bitcoin and cryptocurrencies course. He said:
“I think the crypto market is attractive to millennials because it’s a space with both a lot of growth and risk. People who are 40+ years of age are likely settled down with a career and family, and less inclined to get into such a quick growth, volatile field. It’s been the same way with startup founders over the past two decades. Millennials also seem to be much more digitally literate than Gen X or baby boomers.”
Yu also explained that blockchain can revolutionize the work landscape as the “old paradigms of work” are limiting a person’s potential, including advancement opportunities. This makes blockchain more appealing to them. He went on to say:
“Leveraging blockchain technology can help millennials lock down opportunities to work from anywhere they want when it suits them, and without the stress of waiting for an employer to pay. This will allow millennials to create opportunities for themselves, educate themselves, and advance their lives regardless of their socioeconomic status or location.”
Bitcoin: a Millennial story
The observations of Yu and Castiglione echoed an earlier analysis by Fundstrat’s Tom Lee, who predicted that Millennials would drive cryptocurrencies forward because of their “great interest in digital businesses, social media, and Bitcoin.”
Similarly, survey results released by the London Block Exchange in December showed that nearly a third of Millennials have either invested or plan to invest in digital currencies by the end of 2018, with most of them favoring the new technology over bonds and stocks.
An independent survey by Coinspectator also throws light on this emerging trend, revealing that Millennials have more confidence in Bitcoin for storing their wealth than in their savings account and express disappointment with the low-interest rates offered by their banks.
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