The 3 Biggest Reasons Why Bitcoin Will Become the Standard for Generation Z and Generation Alpha
Bitcoin’s success in the future is inevitable.
Since the official launch of Bitcoin on January 3, 2009, adoption has been progressing at its pace block by block. At some points, the Bitcoin’s adoption is accelerating. At others, it slows down and continues to progress slowly but steadily.
The year 2020 is a special moment where Bitcoin’s adoption is accelerating strongly.
With the year we are living now, everyone has realized the total uncertainty of the world we live in. Thus, no one can say whether the year 2021 will continue to see the Bitcoin’s adoption accelerate more and more rapidly.
Current events, with MicroStrategy making Bitcoin its primary treasury reserve asset with $425 million purchased in BTC, lead me to believe that the curve will not change. Nevertheless, let’s remain cautious.
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The movement will accelerate in the coming months.
In any case, while there are still uncertainties in the short term, it seems clear that Bitcoin will be adopted more and more in the next 10, 20, or 30 years. You have to ask yourself what makes me as sure as I am to tell you this.
It is demographics that make me so confident that Bitcoin’s adoption will explode in the coming years.
While the Millennials are slowly coming to power, it is Generation Z that is already pointing its nose behind. And after Generation Z, we will have to deal with the emergence of the next generation: Generation Alpha. For the members of these new generations, Bitcoin will be the standard compared to the current banking system.
There are at least three main reasons for this, which I will detail in the rest of this story.
1. Bitcoin is digital and easy to use
Members of Generation Z were practically born with a smartphone in their hands. Those of Generation Alpha will be born directly with a smartphone in their hands at the pace things are going.
Future generations will be voracious smartphone users.
They will want to be able to do everything via their smartphones. This includes being able to manage their money without having to interact with humans. The current banking system seems far too complicated for them.
To create a bank account, you currently have to go through a lot of paperwork:
- Take a passport photo.
- Give information about your life, and that of your parents.
- Make an initial deposit to open your bank account.
- Prove your address with bills.
- Provide your social security number so that the IRS can better monitor your activities if necessary.
All of these steps may have seemed normal to Baby Boomers and members of Generation X.
For Millennials, it has become painful, and many are trying to migrate to solutions with much less red tape. Generation Z and Generation Alpha members will prefer to move towards systems with no red tape at all.
Bitcoin is there as a solution for those generations that will take over in the future.
To access the Bitcoin network, all you need is a smartphone, an Internet connection, and to download an application that will serve as your Wallet.
On September 16, 2020, the Kraken exchange platform has just received the authorization to become the first crypto bank in the United States. This news may seem unimportant to you, but it fits perfectly in what will attract future generations.
Kraken will be able to define what the bank of the future will be by placing Bitcoin at its center. It is expected to be easy to use for the users that could be able to manage their income in U.S. dollars or Bitcoin within the same bank account.
The possibilities are immense for Kraken, and this type of crypto bank could appeal to members of future generations. Why not also imagine loans in Bitcoin to buy real estate?
All in a simplified way without the need to fill out tons of paperwork. It seems to be a dream, but in a world where everything is going digital, that’s what I think we’re going to strive for.
2. Bitcoin is available anytime
You know what the old people say of the younger ones:
“They are always in a hurry. They don’t like to wait, and have no patience.”
They are right!
Young people have no patience because they are used to everything going very fast. They didn’t know the beginnings of the Internet when they had to wait several hours to download an MP3 on Napster.
They have never seen a page that gradually moved up and down as images were downloaded.
For Generation Z, everything has to be instantaneous. 5G will help them do just that. When they want to make a bank transfer to the other side of the world, they don’t understand that they have to wait 2 to 5 days with the SWIFT interbank payment system.
Worse still, banks are closed on weekends. You can’t send money on a Sunday at 11:00 a.m. to a friend in need on the other side of the world. You’ll have to wait until your bank branch is open during business hours if the amount is too high, or wait for your bank to send it through the SWIFT interbank payment system.
So imagine what Generation Z members think!
They will never accept this, so they will once again go for systems that are available all the time. Bitcoin will be the solution here, since its network runs 24 hours a day, 7 days a week, 365 days a year.
Since the creation of Bitcoin, its network has an uptime of 99.985%.
Bitcoin allows you to send money to the other side of the world at any time in a few minutes. It is this level of availability that Generation Z and Generation Alpha will be looking for in the future.
Banks will not be able to adapt to what Bitcoin offers. On the other hand, a crypto bank like the one Kraken is going to create will be able to make a difference at this level.
3. Bitcoin gives freedom to its users
With the current banking system, you are not free. The money available in your bank account can be confiscated at any time by banks or governments.
The U.S. dollar, or any fiat currency, does not belong to you.
When you want to transfer hard-earned money from work, you must justify yourself. If you want to send $50,000 to your brother in Japan, you will have to answer questions from your bank.
However, you are not doing anything wrong. It is your money that you want to use.
You would like to enjoy your right to privacy. Your banks don’t see it that way. They will tell you that they have the right to ask you any questions they want because they make the rules of the game. If you’re not happy, they can kick you out.
This right to censorship will never be accepted by members of Generation Z and Generation Alpha.
These people want the right to live their lives as they see fit. Again, they will naturally decide to opt for the system that is most protective of its users. This system is Bitcoin, which has no leader and belongs to all its users.
As long as you have the private keys associated with your Bitcoins, you have total freedom. You can lead your life on your own terms thanks to Bitcoin.
Finally, Generation Z is already well aware of the flaws of the current monetary and financial system. They understand that past generations have abused this system and that they should be the ones to pay the price.
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Evolve or be extinct.
They will refuse to do this because they want justice. Generation Z and Generation Alpha will want their chances to save their money without the risk of its value inevitably decreasing over time.
After realizing that the value of the U.S. dollar has been steadily declining since 1971, all of these people will naturally switch to Bitcoin, which will give them the freedom to opt for low time preference.
Bitcoin is a digital system owned by all its users with unique monetary attributes. All this makes it the best choice for future generations who will have only one desire: to live their lives as they wish, enjoying the same opportunities that Baby Boomers have had.
Bitcoin will allow them to save their money while resisting all types of censorship. By meeting the needs of Generations Z and Alpha, the Bitcoin’s adoption will naturally increase significantly in the years to come.
The success of Bitcoin with the largest number of people is only a matter of time.