Millennials And Bitcoin: How Does The Smartphone-Generation Relate To Cryptocurrency?
Experts in the field of innovative technologies make big bets on the generation of millennials. According to them, people who were born in the early 2000-s can lead the world to grandiose discoveries and make a colossal breakthrough in various fields of science, technology, and public life.
It is the generation of Millennials that can radically change the infrastructure of the financial market. Today it is already obvious that fiat money is losing its position and it is likely that they can lose the fight against digital technology.
Can Bitcoin become mainstream?
In 2019, a sociological test was conducted, the participants of which were supposed to answer the question “are they familiar with cryptocurrency”. The results were quite predictable: people aged 18-34 years who had any idea about cryptocurrency were 3 times more than people who were 65 years old or above.
The survey also showed that more than 59% of people aged 18 to 34 do not deny the possibility of acquiring Bitcoin in the future and are optimistic about the crypto industry as a whole. Crypto analysts expect the popularization of Bitcoin among Millennials could become mainstream in the near future.
Millennials once again found themselves in the midst of a crisis
People who are now 18-20 years old have already experienced several global crises, the most severe of which are considered to be the collapse of the economy in 2018 and the current crisis of 2020 associated with the spread of COVID-19. According to Washington Post, the negative effects of coronavirus will be felt in our lives for the next few years. Slow economic growth awaits us and this will determine the specifics of the Millennials entering the labor market.
“Today, more than 16% of Millennials have lost their jobs because of COVID-19. In the next few years, we will expect a slow increase in wages, greater competition in the labor market and not very bright prospects.”
It is in such unpredictable economic conditions that Millennials can give impetus to the development of digital technologies, with the help of which they can minimize the negative consequences of the global crisis. Decentralization, which is actively promoted by the crypto community, can be an excellent trigger of trust for Millennials. According to BlockFi, cryptocurrency can create favorable conditions for Millennials and Gen Z.
To attract the generation of Millennials, the crypto industry is faced with the task of increasing data protection. This can be a key advantage, unlike the traditional financial system, and then the fiats will be left overboard.