The Millenials View on Cryptocurrency

Millennials have understandably taken to cryptocurrency due to them being the most tech savvy, low cost for entry and you don’t have to pay a lot of fees.  Whereas in the past people had pensions and invested in mutual funds, this new generation are becoming accustomed to owning digital assets as the most rational means of investing their money. Majority of the millennials are sceptical about the political and economic upheaval around the world.  The new world view on investment is “they don’t like the idea of money just sitting in a savings account, with the way inflation works and how low interest rates are, they feel that they are losing money.”

With internet forums and twitter accounts devoted to cryptocurrency speculators view digital coins as a lottery ticket, with excitement. People are eager to buy bitcoin based on even a slim chance that a $100 investment may someday reap close to a $1 million, as happened with an investment of that amount in Bitcoin in 2010, it is too enticing to pass up.

There are many people catching onto the idea of cryptocurrency, even those that are not millenials, this is what they are now saying “digital currencies, which carries the stigma of black-market money laundering, have disrupted the internet and created major opportunity for those willing to jump in early.” At first it was an internet of information, which evolved into that of things like social media, now it’s the internet of value. Cryptocurrency no longer lies in the domain of the dark ages with people who believed in anarchy, it is now in the domain of the everyday user.

However, there are still some barriers to mass popularity. Investors still need to be familiar with and trust the internet to send money through cryptocurrency exchange, such as Coinbase or Poloniex.  Some exchanges have elaborate or slow identity verification processes and certain countries do not permit users to invest in them yet.  But it’s continually getting easier, and some exchanges allow credit cards for speedy purchases.

Besides its potential long term financial rewards, many holders of cryptocurrency view it as a vehicle for social change. The financial gain is fun, but it’s really about improving the financial system, transparency, and cost increased speed.