I first heard about Bitcoin when a guy in Florida bought two pizzas, paying 10,000 Bitcoin to do so. Little did he know that spending a few bucks that day could have made him worth 200 million at Bitcoin’s peak.
As of today, the most vocal supporters of cryptocurrencies have emerged to be the millennials, who as per a survey by eToro US, believe in the value of cryptos rather than trusting the Wall Street.
This hasn’t come as a surprise since the survey also brings to light the relatively low number of GenX respondents who remain engaged in the crypto sphere.
The managing director of eToro US, Guy Hirsch, has expressed his thoughts on this apparent generational switch:
“We’re seeing the beginning of a generational shift in trust from traditional stock exchanges to crypto exchanges…Younger investors’ experience with the stock market has seen a great deal of loss of trust, with the fall of Lehman Brothers because of irresponsible practices followed by the worst recession since the Great Depression.”
The one reason that could be given to provide basis for the creation of cryptocurrencies like Bitcoin could be aftershocks of the 2008 recession which forced people to look into alternate ways of investing funds into a system that wouldn’t collapse on itself due to monetary mismanagement.
This theme has dominated the millennials approach to adopt Bitcoin, a cryptocurrency that isn’t affected by corruptible individuals who have taken control of the financial sector.
In fact, crypto assets cannot be controlled by a single individual and their architecture is based on the promise of greater freedom and transparency.
The other side of the coin, however, is that the adoption rate isn’t what survey results showcase. Around 90% millennials want to enter the game but want to do so with firms that has a reputed history.
The fact is that most of the crypto exchanges and securities trading platforms are less than 5 years old and still need to gain consumer satisfaction and trust in order to appeal to the larger community, curious to enter the crypto sphere.