Millennials; A Majority In The Cryptocurrency Space
Those babies of the late 80s, early 90’s have not always gotten the best wrap. (Officially, this era exists within the timeframe of 1981 and 1996.) Typically, for this reason, or that, millennials are often assumed to be lazy, mooching, uneducated, party animals who can’t seem to keep a job, or move out of their parent’s basements, but recent studies are proving just the opposite.
The Facts Are In & The Truth About Millennials Is Out!
A recent study from Piplsay found that 49% of millennials polled own cryptocurrency, compared to 38% of Gen Xers and 13% of GenZ. While this isn’t an outrageous difference, there’s more to it… Millennials are also more likely to adopt their crypto investments as a form of payment.
53% of said millennials say they are “very likely” to purchase products or services with crypto, followed by 40% of GenX surveyed and only 7% of GenZ participants.
But Why Are Millennials Gravitating Towards Cryptocurrency?
The short answer? Well, Millennials are the Original children of the Internet.
Think about it, the youngest millennials as of writing this article are 25 years old, the oldest, 40 years young. The “elders” as we will call them, managed to navigate childhood almost entirely without computers in the home, short of simple calculating systems, and word processors of course.
The home computer and the mass acceptance and use of the World Wide Web weren’t open for public use until August of 1991, and even so, it took some time for the limitless concept to catch on. Really, browsing the web wasn’t truly “a thing” until around 1995.
A Generation Divided
The “old heads” of the millennial generation, those that are pushing 40, can definitely recall a childhood spent outdoors, with fewer video game options and certainly no cell phones.
The younger of the millennials remember things a little differently, however, as personal beepers-used mostly just for work, turned into must-have flip-phones, brick phones, and never forget… walkie-talkie, side-clip phones. 😎 (Honorable mentions The Razr and…wait for it, The Sidekick!)
What Does This Mean For Millennials & Cryptocurrency?
Well, it means that although some of the older millennials existed in a pre-technology takeover, and therefore experienced the development of these technologies first hand. The younger millennials? Well, much like Gen Z, many of them were brought into a world with a pre-existing, dependence on technology, born “with tablets in hand”.
As these children of the ’80s and early ’90s grew up, so did technology, specifically, computers, the internet, and eventually smartphones, or as I like to call them, pocket computers.
Kurt Kumar of Rocketfuel Blockchain, a crypto payment processing company chimed in with his expert opinion on the matter;
“Millennials are growing natively with Web 2.0 — that is, mobile — and Web 3.0 (crypto) technology. They intuitively understand digital wallets and treasure chests, which are part of many games younger millennials played, such as Fortnite and Minecraft.”
Having grown up alongside these developing technologies and the internet takeover, it is highly possible that more millennials are not only inclined, to but also have the knowledge and maturity it takes to do the research that it takes to truly understand and embrace cryptocurrency.
Kumar went on to explain that some of the younger members of this generation may not rely on credit cards or bank accounts just yet and in some cases ever. This perceived “obstacle for some could potentially lead the tech-savvy towards crypto wallets, leveraging transactions and trades.
Sure, this could be Gen Z’s fate as well, and even in the near future for many, but they are a little on the young side, for now, aging in ranges from 6 years old to 24 years old.
Outside Influence?
If you have been on the internet (particularly Twitter) in the past few weeks, you have likely seen the highs, lows, ebbs, and flows of cryptocurrency meets MEME culture?
Yes. TESLA’s, Elon Musk seems to have a way of tweaking the cryptocurrency market. Intentional or not, Musk’s Tweets have caused quite the stir in the cryptocurrency space.
Kurt Kumar spoke up once again on the subject;
“Elon’s meme tweets to his millions of followers resonates with millennials as they are the ones growing up with “meme culture.” Memes have been the main conduit for communicating certain references across millennial peer groups,”.
Kumar went on to add that the millennial generation considers themselves “meme-dealers.”
Okay, You Ready For What’s Next?
There was this other survey… another one from Piplsay.
This poll found that a whopping 41% of millennials and wholly 35% of GenX follow Musk’s tweets closely. Only 24% of GenZ’ers could give a coin about Musk’s Tweets. (There’s hope!)
This is the tough stuff….🤦
One-half of the millennials surveyed confessed that they made or at the very least, considered making investments, based on the self-proclaimed, Dogefather’s Tweets.
Man! If it weren’t for the fact that Millennials are more educated than generations before them I might be worried. The good news is, roughly 39% of millennials have a bachelor’s degree or higher, compared to 19% of the Silent Generation and one-quarter of Baby Boomers. (Pew Research Center). The Breakdown; about 43% of millennial females and 36% of millennial males have at least a bachelor’s degree. Not too shabby! (Let’s not ask about that student debt though!)😂
But That’s Not All Millennials Have To Offer Cryptocurrency!
They aren’t lazy! Studies suggest those stereotypes may not be so accurate after all. In fact, 72% of millennial women are employed. That’s more women active in the labor force, in this generation than any prior age group.
Do you know what that means? More money to invest…in the future of currency, cryptocurrency.
Feeling inspired to exchange your spare change for crypto?
