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Millennials and Crypto: Understanding the Generational Shift in Investment Mindset

Jun 15, 2023

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Image: Unsplash/Karthik Balakrishnan

Although cryptocurrencies have been part of our lives for many years now, it’s often difficult for many people to understand why they are so popular. More specifically, not many understand why millennials are so hung up on crypto.

Investors now are not the same as they were in the past. They have different goals and unique ways of achieving them. Apart from that, people nowadays don’t invest in the same assets old investors did.

If you want to understand the generational shift in investment mindset millennial investors have compared to older ones, you should keep reading this page. Here, we will tell you all the factors that make millennials love crypto and the appeals it offers to them.

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Millennials Vs. Boomers: Understanding the Differences of Their Investment Mindsets 

Millennials don’t have the same investment mindsets and goals as people had 40 years ago. As for this blog post, we will refer to “millennials” as the people born between 1981 and 1996; and “boomers” as the ones born between 1965 and 1980. However, why are millennials so different from boomers?

Factors such as the era in which people grew up and the representative moral values of those years are essential to understanding that. Boomer investors often put their money on stocks, bonds, mutual funds, and real estate. Other commodities, such as gold, were also popular but not as popular as they are now.

Unemployment rates were high at the time, so people needed to look for ways to make money fast. Besides that, boomers used to seek financial independence faster than millennials and people nowadays in general. Hence, they looked for assets with high liquidity and made many short-term moves.

Although the world is prone to fall into a financial recession soon, millennials have the feeling that they have a bit more time to make money than their predecessors. Parents are often more understanding than they were in the past, so they don’t let go of their children so soon.

That gives millennials a window to invest in assets that offer long-term financial stability or make more creative trades, even if they fail. Social media and other mainstream communication methods also encourage people to find financial freedom by freelancing or trading.

Apart from that, learning how to trade or invest in assets is now easier than before, as there is more information available to the public. Thanks to that, it’s way easier for people to start trading, even if they do it as a hobby.

Regardless of that, there are also many different ways of investing. You can do many things if you want to invest in the long or short term. The number of cryptocurrencies available on the market let people adopt the style they like better and best suits their taste.

What Attracts Millennials to Crypto? 

Cryptocurrencies bring many benefits to the table. Those perks are a huge appeal for young investors looking to become financially independent fast or get money for college tuition or other stuff. We will use Bitcoin as an example of that.

Bitcoin – as well as the other cryptocurrencies – is a decentralized asset, which means that it doesn’t limit itself by the boundaries of banks or governments. People still have to follow the regulations the state has on it, but that doesn’t mean that a specific organization or person can control the asset itself.

That is an excellent feature for young people who still don’t meet all the requirements they need for a credit or debit card. Moreover, they can get access to it way faster than they would with other assets and without the fear of losing their card or the bank retaining their funds.

One of the benefits of Bitcoin is that its transactions are way faster than others. They become effective in a few minutes, so you don’t have to ways days or weeks to get your money or for the other party to receive it.

On top of all, you can send money to whoever you want, regardless of where they are. Crypto transactions are also safer than others, as they work on a blockchain server. That server is public and safe from hackers or scammers. However, you would need to get a crypto wallet to get Bitcoin.

What About the New Generation?

As you could see, we stop calling millennials the people born after 1996, but what are they then? Society now calls them “zoomers”, and they are the people who today are in their early 20s.

The truth is that they may follow the path that millennials did, as they have had a closer approach to technology and social media. This generation is more tech-savvy than the last ones, so it’s the one that will live the new technological developments the world is going through to the fullest.

People now are more dependent on technology to go on with their daily routine, but it’s also easier for them to understand it and adapt to it, as they have been doing it since they were born. We may see the same happening to the generations coming after this one.

Wrapping Up

Once you analyze the difference between the last generation and this one, it’s easier to tell why millennials are so unique compared to boomers. You shouldn’t see that as a problem but rather as an advantage since you will be able to adapt to the new changes better than your parents or older siblings.

It’s difficult to understand technology if you didn’t grow with it, but the benefits digital currencies give us are worth it. We recommend that you research as much as you can about the matter to be ready to take advantage of how they evolve.

If you want to use cryptocurrencies for gambling, you can do it at an online casino. Bet999 lets you gamble and bet on sports and esports with crypto, so check out its website now.

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