In general, several millennials have an optimistic impression of digital currencies, and mostly they put faith in highly advanced blockchain technology. Plus, millennials are not enthusiastic about making traditional investments, and they do not want to depend on third-party financial services. From a survey, 66% of millennials said that they trust cryptocurrency rather than the stock market.
Numerous millennials want to deal with things digitally, and due to that, they show interest in crypto coins, online stocks, and various digital properties. Many millennials used a significant amount of their savings to trade cryptocurrency. It is revealed from the CNBC Millionaire Survey that around 50% of millennial millionaires keep 25% of their money in cryptocurrencies. Also, over a third of millennial millionaires own 50% of their whole money in crypto.
Even the instability of digital currency attracts some millennials to invest in them. They express more interest in digital currencies due to many reasons, such as high returns at a quicker pace, 24/7 availability, fully digital mode, and many more. Click on the-bitcoin-traders-app.com/de/login to know more about crypto trading.
Explaining Why Millennials Are Obsessed With Digital Currency
The first cryptocurrency came to the market in 2009 in the form of digital currency, which is a substitute to the existing financial network. People can buy, sell, trade, or conserve cryptocurrency digitally. In today’s scenario, digital currency is an active asset which many millennials are interested in.
The crypto market works 24/7 and is open throughout the year (365 days) without any break. As the millennials like to have instant access to things, they are likely to choose cryptocurrency investments over traditional methods where people have to wait for business hours to access their assets.
Since their childhood, millennials have been witnessing the Internet and technological development. Besides that, they opt to pay via online banking, UPI, and other digital methods rather than using paper money. Due to these changes in their lives, they are developing a natural interest in digital currency, such as crypto investments and more.
The millennial generation hopes to get high returns at a faster pace, which is not possible with most of the traditional methods. But, investing in cryptocurrency can give more profit in a short time. Even though Bitcoin started in 2009, today 1 Bitcoin’s value is around Rs 25,20,889.20 (24 July 2023).
Tom Meyvis, who is a marketing professor at New York University’s Leonard N. Stern School of Business, feels that examining the rate of stocks regularly might seem like a tedious task because sometimes there would not be any price change. But, the value of cryptocurrency changes daily, so millennials have the eagerness to check it often.
Generally, since ancient times Indians have had a history of buying gold as an optional investment. You need to store the gold in the locker for safety which adds additional cost. But, cryptocurrency does not have any real form, so there is no need for an extra fee. Due to these reasons, millennials are showing interest in cryptocurrency as an alternative asset.
Cryptocurrency is becoming a hot topic almost daily on various social media platforms such as Twitter, Facebook, Instagram, Youtube, and much more. Also, the digital currency community is posting feeds with quick updates. Because of these factors, millennials from almost every industry have a connection with crypto trading.
One survey discovered that among the millennials, cryptocurrency is thrice more prominent as a long-term investment. According to a poll result performed in the UK, around 20% of well-off millennials have cryptocurrency investments. Research shows that 29% of millennials have investable investments of more than £75,000, and 20% of millennials possess £25,000 or more investable assets.
The YPulse survey was conducted in May 2023 among 1000 13 to 39 aged people. From that survey, 73% of male millennials and 55% of female millennials show interest in cryptocurrency trading.
Millennials use crypto coins to purchase and sell NFT digitally. First of all, non-fungible tokens (NFTs) are digital assets that symbolize physical items such as crafts, melody, in-game objects, and videos. A survey revealed that two-thirds of millennial millionaires feel NFTs as the next great thing. In a recent poll, 50% of millennial millionaires who were interviewed have NFTs. Besides that, 40% of them do not possess any NFT but made plans to buy it.
Lastly, several millennials give significant importance to cryptocurrency and other digital assets. Because of that, there might be changes in the wealth management industry, for example, private banks, merchandisers, and wealth managing companies. From now on, the next generation of people will show more interest in digital currencies instead of bonds, traditional stocks, private equity, and hedge funds.
Is Gen Z Also Investing In Cryptocurrency?
Firstly, Gen Z (Generation Z) is a term used to describe people who are born between the mid-to-late 1990s and early 2010s (nearly 1995 to 2010). They are also called zoomers and are the next generation of Millennials. A fintech study report states that 44% of Gen Z people are interested in cryptocurrency trading.
Yes, several Gen Z is investing in cryptocurrency due to its technological advancements. Besides that, they are opting for digital currency. Gen Z has started using digital coins and blockchains, such as bitcoin, ethereum, Litecoin; meme currencies, such as dogecoin; DeFi, and NFTs.
Comparatively, millennials are more obsessed with digital currencies than Gen Z people. Some reasons are Gen Z people are newbies in the crypto world and might not want to take a risk. However, there is a high possibility that the percentage of Gen Z who invest in cryptocurrency will rise in the near future.
There are numerous reasons why millennials are obsessed with digital currency. The ease of use, quick and highly profitable returns, 24/7 availability, and fully digital platform attracts the millennials to invest in digital and cryptocurrency. In short, the millennial community is choosing digital currency like crypto and digital assets over the stock market.