Millenials investments in Cryptocurrency trump’s other generations.
Millennials are name synonymous with cryptocurrency with 47% of Millennial Millionaires have grown their wealth through riding the Bitcoin wave. But why is this particular generation so keen on Cryptocurrency and what motivates their decision to choose Crypto over other investment tools.
How are Millennials exposed to Cryptocurrency?
Millennials are classified as people born between the 1980s and 1990s so they are a generations that are hugely exposed and influenced by the internet and smartphone so it is not strange that most of them are familiar with the Cryptocurrency space.
“Millennials are growing natively with Web 2.0 — that is, mobile — and Web 3.0 (crypto) technology,” stated Kurt Kumar from Rocketfuel Blockchain.
Kumar also thinks that due to the fact that these Millennials have grown up with gaming consoles, also motivate them to turn to Cryptocurrency. “They intuitively understand digital wallets and treasure chests, which are part of many games younger millennials played, such as Fortnite and Minecraft.”
Millennials are also heavily influenced by Social media and with the recent incident of the Musk Effect, a lot of young millennials see the opportunity to get rich quick. Even though social media tweets from people who invest in crypto have made some people millionaires but a lot of Millennials have also lost their savings due to careless investing.
Why the sudden interest of Millennials in Cryptocurrency?
The huge interest in cryptocurrency for Millennials has begun not only because of the internet or social media craze. It begins because of the economic conditions Millennials have to go through.
Millennials have seen the worst in the 2008 and 2020 financial crashes and also had to grow up with the burden of student loans. Millennials are also less likely to buy a home. The loss of faith in the current centralized financial system and the massive financial burden are the factors that propel these Millennials to look into the Crypto Market.
Millennials also begin saving at a young age and they grew their savings exponentially by jumping into the Crypto Market early.
“The younger investors were more intellectually engaged with the idea even though it was new. Older investors and the boomers were largely saying ‘Is this legit?’” said George Walper, president of Spectrem Group.
Millennials occupy a huge market share in the crypto market
A recent study done by Mastercard stated that 67% of Millennials said Crypto has become a more attractive investment since its boom and 75% would like to study these asset classes.
A study also done by Piplsay found that 49% of Millennials owned some sort of cryptocurrencies. This is higher than Gen X which stands at 38% and 13% for Gen Z. Millennials are also more likely to adopt the investment as a form of payment, with 53% saying they are “very likely” to purchase products or services with crypto, versus 40% of Gen X polled and just 7% of Gen Z.
As these Millennials advance into their careers and the Crypto market begins to mature, this Crypto craze will only keep growing with Millennial investors driving the market. We in Nagaya Technologies know this as most of our management team and coin holders are Millennials who are passionate about Cryptocurrency.
To know more about Nagaya Technologies, you can find out more at www.nagaya.io
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