Millennials and Cryptocurrency
Millennials is the peer group born between 1981 and 1996 and it is also known as Generation Y. As born in the beginning of the 21st century — the new millennium. They were the first to be exposes to the digital world thus also considered as ‘digital natives’.
Tech savvy in nature and has added technology in their everyday routine. On an average they check their phones about 150 times a day. Millennials are a prime source contributing in technical hubs and Silicon Valley. As tech enthusiast millennials are adopting digital currency. There are about 66% of the millennials that are actively investing in cryptocurrency. Crypto is being considered as a long term investment that requires minimum efforts. Crypto is touching the skies and all the credit goes to Elon Musk that hyped a cryptocurrency named Dogecoin, and promoting some world’s most known financial institutions and made Bitcoin to reach their clients, from youth starting from nothing to paying their college fees with the money they have earned from trading.
Millennials in USA are eagerly investing in crypto that is in the ratio 2:3 also 20 million Americans are planning to invest in crypto in the coming year. To be precise the number of millennials investing in crypto are increasing day by day. Since the birth of cryptocurrency in 2009 it has grown in its worth and leaving behind gold it is the no.1 asset in the current market. As compared to stocks, real estates, fixed deposits, savings etc., crypto has shown exceptional rise in their prices. Talking about Bitcoin, it has grown about 400% in a decade, thus making it an attractive opportunity for millennials to invest in digital currency.
Millennials are the generation that do not have entry to their employer’s pension scheme and some working with the government are not entitled to receive pension so they look for alternative ways of investing now, so as to have a handsome sum of money by their retirement. Also the youth is manage to take risks at an early age for better future. As they start early they have ample of time to give a shot to new assets, learn more and gain experience. Millennials are making crypto a replacement of traditional investment in gold and eliminating the storage problem and buying crypto even in fractional parts.
Simon Yu, CEO of blockchain startup StormX, says, “Millennials are particularly open to embracing new technology in order to create opportunities for themselves — and 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.”
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