With each passing day, there is a growing acceptance of cryptocurrency all around the world. It is not just the geeks, tech nerds, and elites that are welcoming crypto, even typical millennials and Generation Z (Gen Zers) are jumping on the crypto train.
A recent survey by Michelmores in the U.K showed that 20% of millennials (specifically those born between 1980 and 1996) have in or time or the other invested in crypto. This is in stark contrast to a measly 3% of the entire U.K population. In addition, an online poll by Harris/Blockchain showed that 60% of people between the age of 18-34 in a particular demographic were familiar with bitcoin.
What these results and more show us is that Generation Z and Millennials in the U.S and U.K still fighting between crypto and stocks/bonds as means of investments. What the data suggest is that we have people who still dabble in cryptocurrency every now and then, rather than outright believers.
So, the question now is, what will it take to turn these groups of dabblers into full-time believers? Perhaps, we already have the answer right in front of us.
The arrival of the coronavirus pandemic has been a blessing in disguise for the crypto space. Granted, the pandemic has led to the loss of millions of jobs, an increase in debts, deferred bankruptcies, and more. Many economic analysts believe that the effect of COVID-19 on the economy is similar to how the Great Depression reshaped the economy.
Going forward, economic decisions will be made by millennials and Gen Zers (both currently make up for as much as 60% of the world population). With the growing acceptance of cryptocurrency, future decisions will see a bulk of the global population moving towards cryptocurrency.
The incoming financial crisis has pushed lots of people to look for alternative means of income. A survey by Pew Research found that more than 50% of Gen Zers had someone in their home that has either lost a job or suffered a reduction in pay. Millennials are also facing life-defining decisions in uncertain economic times. In addition, COVID-19 has turned life on its head, thus resetting the expectations of the future.
A good high number of Gen Zers and millennials already fear their financial security, and many believe that the current situation of things will have an adverse effect on their finances in the long run.
Given that any currency is worth is determined by how users see its value over time, there is a strong possibility that crypto might be the answer to a lot of prayers.
These two generations are more interested in the technological aspects of things. As such, they have a more receptive attitude towards digital money.
There are encouraging signs that the attitude, perceptions, and expectations of these two generations will change in how they perceive money. The acceptance of a new monetary system by these groups show that they are buying into a bigger idea that cryptocurrency technology will transform money and help reshape our global economy.