The millennials generation, people aged 25 to 40, are currently leading the charge in investing in cryptocurrency, bringing their savings from bank accounts to bitcoin and altcoins to ever-increasing numbers.
According to a recent survey, one in five millennials owns crypto. The most surprising fact is that about half of those made their first crypto investment last year.
Another research by Crypto Parrot shows that 41.5% of those, who own Bitcoin, are people between 25-35 years, while 20,16% are between 35-44 years old. Therefore there is no doubt that millennials are playing a major role in digital currency’s mass adoption.
Why Do Millennials Like Crypto?
Cryptocurrencies match the lifestyle of millennials. Here are few reasons why they may favor cryptocurrencies:
Millennials are more willing to adopt all things digital. Even when it comes to investments, most of them choose to do it online or with an application rather than filling out the paperwork.
Speed and convenience
Millennials have grown up with instant gratification fueled by technological advances that make their life more convenient and instant, and cryptocurrencies deliveries just that.
Unlike the younger generation, the majority of millennials have already finished their education, found a job, and become independent. So they already have the resources to invest and make decisions on their own.
Millennials may not have access to retirement plans. Looking for investments that can fund a comfortable retirement is why this demographic invests in cryptocurrency despite its short-term volatility.
Intimacy with technology
Many millennials tend to invest money where their mouths are. Since this generation likes technologies, they bring their savings to the companies they are using or familiar with, such as Amazon, Apple, Facebook, Tesla. Surprisingly, these tech giants are focusing more on crypto now.
The drivers of the economy
The crypto market is impressively growing at 113% a year charged by millennials. As this group ages, they will replace the baby booms. The millennials who take positions of power are more likely to adopt policies in support of crypto. This mass adoption led combined with change in power dynamics will eventually reshape economies. Wise companies follow the millennials’ money.
Instant returns and risk-taking
Millennials are more risk-tolerant and less patient than the previous generations, and most don’t aspire to work rigid hours from 9 to 5. Therefore, they are more likely to opt in for risky investment opportunities with a high return in a short period.
Traditionally, not many assets have this feature, but cryptocurrency is an exception. For example, over the past year alone, Bitcoin has grown 400% and Ethereum 1,000%.
Millennials are a young generation, which means that they can afford risks. If their investment fails, they still have time to try new things.