Millennials and Cryptocurrencies — It’s happily ever after!
Investment plays a very important role to secure a financial position for everyone. Just earning money is not enough and people tend to find the other way to earn that extra penny. The stock market, real estate, mutual funds are very popular terms of investments.
While according to a survey conducted of different age groups by the Bankrate had stated that the younger investors or the millennials preferred pursuing cryptocurrency.
Millennials and Cryptocurrency
Millennials have grown up in the Internet era and that has made them rely on and accept technology more trusting such as the digital asset in this case. Millennials embrace cryptocurrency due to many factors and reasons. Bitcoin and various other cryptocurrencies such as Ethereum, Litecoin, and many more have had substantial growth ever since it was introduced.
The economic structure keeps fluctuating and now due to the current situation of COVID-19, it is going to be a rollercoaster ride. Including this, there have been many events that affect the growth such as the geopolitical tensions turmoil from Venezuela to Zimbabwe. The economy and the factors it consists of gets largely affected which apparently also makes the millennial view cryptocurrency as the safe haven.
Bradley Keoun, an author at CoinDesk, said:
“For some market analysts and investors, bitcoin’s rally served to underscore the digital asset’s perceived value as a hedge against inflation, historically an economic consequence of major wars.”
Many other factors that interest Millennials about cryptocurrency are its autonomy as it is decentralized and its transactions are stored in public ledger including it is immutable and transparent. Millennial entails independence and because cryptocurrency holds the same characteristics it induces the generation to be a part. Even the idea of completely being accountable for one’s own crypto, being in control, and not going through the whole procedural method like the bank, appeals to the millennials. Also, millennials are saving up and investing in cryptocurrencies for their future for their retirement.
It is stated that the Millennials had slotted an enormous percentage to the Exchange-traded fund (ETF) of its portfolios and invested much more in Bitcoin. For instance, they invested and held 1.84% of their asset to the Grayscale Bitcoin Trust.
Tim Draper, a capital investor and the Founder of Draper Fisher Jurvetson, Draper University, Draper Venture Network, Draper Associates, and Draper Goren Holm, said,
“If you are a millennial, then Bitcoin is the best place to invest your money.”
Also Read, 4 Ways To Earn Interest On Cryptocurrency
As per the study by Edelman, 17.2% of millennials own a part in cryptocurrency and while 74% believe in technological innovation including Blockchain.
Also, an expert from the ETF Store has attested that 90% of the millennials prefer crypto over gold! However, the thing that was even more interesting was that as per The Student Loan Report, one-fifth of the 1000 students were saving up from their expenses to invest in cryptocurrencies.
Jeremy Gardner, a Managing Partner at Ausum Ventures, who also invests in cryptocurrencies, stated,
“As a millennial, I personally put much greater faith in scarce digital assets that are determined by math and auditable code, rather than a group of bankers at the Federal Reserve. This is because dollars depreciate in value, while crypto assets historically have appreciated, and will continue to exponentially, should they be successful. That being said, I’ve put away savings for my unborn children’s education and my retirement.”