In under a year, the concept of cryptocurrencies will turn 10, and it has grasped the attention of the tech-savvy millennials, who now see it as a portal of opportunities, and a potentially viable source for profitable investment returns. But why do millennials choose cryptocurrencies like Bitcoin over the traditional stocks and bonds? Let’s find out!
According to a recent survey conducted by Blockchain Capital, over a third of millennials would rather invest $1000 in a cryptocurrency such as Bitcoin, than in traditional stocks and bonds. This survey goes to great lengths to show how asset building has been revolutionised and how cryptocurrencies have played a pivotal role in influencing how the young generation invests and what they choose to do with those investments.
Google trends data showed that the searches for ‘Buy Bitcoin’ exceeded the searches for ‘Buy Gold’ in 2017, which indicates the inclination of the young generation towards cryptocurrencies. This shift from traditional stock investments to cryptocurrencies may be due to the huge disconnect between the two generations and the difference between the economic conditions of a person in their 60s and a person in their 20s.
Soaring property rates, marginally meagre returns, no scope for pension, are one of the few reasons why millennials now choose to invest in decentralised currencies that can be bought and sold with a click on their phones, and which promise incredibly rich returns, if compared to traditional stock markets. Cryptocurrencies also attract youngsters, as they can be bought and sold in smaller denominations, and are unregulated by a governmental institution.
Cryptocurrencies such as Ethereum, which was developed by a 20-something Vitalik Buterin, also generate a level of relatability and trust- cryptocurrencies have been developed by the millennials, and for the millennials. However, for the time being, this tweet by Jeremiah Owyang stirs up yet another dilemma: “ you’d be crazy to spend cryptocurrencies to buy goods, as the promise is an investment. So will the ever be used as a currency?” If not, then what adds value to them?
Crypto manga