The generation of millennials is associated with digitalization since they eat, breath and live gadgets. Right from computers to laptops, landline to smartphones, walkman to ipod they have seen it all. This has made millennials open to trying and adopting all types of technological evolutions and cryptocurrencies are no exception to this.
Cryptocurrency is not just about bitcoins anymore. As cryptocurrencies continue to age, it has started creating jobs, inspiring entrepreneurs to create startups, and spawn hundreds of crypto-tokens that have unique functions and developments (Bradford, 2018).
These opportunities created by cryptocurrencies are definitely being seized by millennials. There is no doubt that this generation is fuelling the trend of cryptocurrency. However while we are still familiarizing ourselves with terms such as “bitcoin”, “ethereum” “cryptocurrency” etc. there are so many opportunities that are yet to be discovered in blockchain technologies.
How is cryptocurrency more suitable to millennials?
According to the latest finance news one in three millennials will be invested in a cryptocurrency by end of 2018 (Little, 2017). The reason behind this could be mainly because millennials are a generation who have grown up with digital technologies at their fingertips. Technology forms an extremely integral part of their day-to-day lives and cryptocurrency factors into this extremely well.
Another main reason could be because the crypto market has risks with tremendous scope to grow. Because of these risks, people who are beyond 40 are likely to shy away from making an investment in the market that offers quick growth with high risks. Since millennials are considered the more digitally literate generation as compared to Gen X and Baby Boomers, it is no surprise that cryptocurrency could be more suitable to millennials. However with the tremendous scope of crypto markets there is no predicting what the future holds.
Scope of cryptocurrency
Unlike the traditional currencies, determining the value of cryptocurrency and electronic cash is a bit tricky (Brown, 2016). In spite of this, the crypto market is on the brink of going mainstream and soon the government and new regulations could be making it centralized. As more businesses decide that there are opportunities present in digital currency, the value of this currency will continue rising more and more.
Cryptocurrency has the potential to become a global currency platform, replacing the traditional payment method. However along with cryptocurrencies the utility of blockchain technologies could take many interesting forms (Bradford, 2018). Various platforms such as StormX are positioning themselves to provide more freedom and flexibility to blockchain technologies. Yu, the owner of Storm X, believes that with blockchain, millennials could revolutionize the landscape of work.
How to be smart about crypto investments
Crypto market is still in its initial stages and undoubtedly a lot of people are skeptical about investing their money in its technologies. Currently the crypto market has improper government regulations and a history of unpredictable wild value swings. In order to be smart about your investments in crypto market, it is important to research as much as you can and not invest all your savings in it. You should consider investing money that has been lying around rather than money that is desperately needed.
Currently there is no doubt that the market of cryptocurrencies is a huge gamble due to various factors and hence it is recommended to be extremely smart about it.
With all said and done, there is no denying that cryptocurrency is a chapter of digital evolution that could revamp many industries. It is truly exciting to wait and watch the future of cryptocurrencies and blockchain technology and how millennials could seize the opportunities for changing the face of the market.
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- Bradford, L (2018) “How Millennials Are Using Cryptocurrency To Build The Future” Forbes [online] available from: https://www.forbes.com/sites/laurencebradford/2018/02/26/how-millennials-are-using-cryptocurrency-to-build-the-future/2/#788594bf366b [accessed March 2018]
- Little, S (2017) “Bitcoin latest: Third of millennials will be invested in the cryptocurrency in 2018” Independent UK [online] available from: http://www.independent.co.uk/news/business/news/bitcoin-latest-news-millennials-cryptocurrency-investment-2018-london-block-exchange-a8108106.html [accessed March 2018]
- Brown, C (2016) “The Value of Cryptocurrency Today And What The Future Might Hold” Forbes [online] available from: https://www.forbes.com/sites/forbestechcouncil/2016/04/13/the-value-of-cryptocurrency-today-and-what-the-future-might-hold/2/#376560597d0d [accessed March 2018]