According to the recent survey conducted by Blockchain Capital and published in Bloomberg, more than 30 percent of millennials prefer to invest their money on cryptocurrencies over stocks and government bonds. Several people from different age groups are interested in trading cryptocurrencies but the millennial interest in this market is hard to ignore.
Here are the main reasons why millennials are rapidly migrating to cryptocurrency.
Millennials poorer than past generations
Millennials have welcomed cryptocurrencies and the blockchain technology with both arms because they are poorer than past generations. Some of the factors that have contributed to their somewhat irredeemable financial situations include unrelenting inflation, low wage growth, high cost of living and student loan debts.
Alongside lack of jobs, many of them have largely given up hope of attaining financial freedom. For them, the whole system is rotten. The only hope left to them is to invest their hard-earned money on Bitcoin and other cryptocurrencies hoping that they will attain a healthy financial future.
Millennials want to achieve the desired lifestyle
It is no secret that Millennials achieve the desired lifestyle. One of the reasons they want to live expensive lifestyle is the exposure to the media which often passes materialistic messages. They want to spend big on vacations, entertainment, clothes and other luxuries but don’t have enough resources to support their expensive lifestyle.
They have therefore turned to cryptocurrencies trading and other blockchain projects to finance their expensive lifestyle. One of them is Coinexis, a blockchain projects that allows people to convert their real currency coins into cryptocurrency or discount vouchers.
Millennials witnessed the crashing of traditional financial products
The cryptocurrency market is known to be a volatile market. Despite the volatility nature of the digital currency market, millennials still prefer it over the traditional financial products like bonds and stocks.
Why, because many of them have been witnessing the crashing of many stock markets. They don’t want to trust products that can be manipulated due to financial crisis. Not anymore. In fact, for them it is better to trust newer markets like the cryptocurrency market where ingrained stakeholders of traditional financial products have a less say.
Millennials are tech savvy.
Unlike the past generations that don’t believe anything outside the internet, the Millennials are tech savvy. They understand how blockchain technology and appreciate the benefits this latest technology has brought.
For instance, the blockchain technology has brought up many initial coin offerings (ICOs) that offer young investors a chance to invest their money on. Millennials are eager to become not only the holders of various ICO branding tokens but also stakeholders in various blockchain startups.
Millennials wants to build a new world.
Millennials love the benefits that the internet brings. However, they are aware of the downsides the internet has brought such as hate speech, character assassinations, corporate control as well as media bias.
The Millennials therefore see the decentralized blockchain technology has a good tool for creating a new world. For instance, they believe that the blockchain technology, if used well, will create a better system for sharing data, voting, communication and even advertising.
Already, with the emergency of masternodes some countries have started to debate about the possibility of using blockchain technology in voting. Other functions performed by masternodes includes increasing privacy of transactions, doing instant transactions, participating in governance and enabling budgeting and treasury system in cryptos.