Cryptocurrencies are gaining a lot of popularity with the millennials. They were created back in 2008 and it is becoming a common subject in the headlines.
The cryptocurrecy industry is in full expansion, many jobs are created, many Initial Coin Offering (ICOs) take place every week and it encourages technological innovations.
The millennial generation is getting more and more involved with cryptocurrencies as they are seeing the potential of the market. The reason many investors are getting interested in the cryptocurrency market is because they believe that the blockchain technology can revolutionize banking and many other industries.
Why it is Particularly Interesting To Millenials ?
The digital technology has had an explosion during the recent years. The first generation to grow up with this technology is the millennials and technologies in general are part of our everyday lives. This generation has a different thinking about technologies since it has never lived without them. Cryptocurrencies are a good fit for millennials because the blockchain, which is the underlying technology to cryptocurrencies, fits with the values of the generation.
The cofounder of One Month, Chris Castiglione, believes the millenials are the best generation to deal with the risk and the volatility of the cryptocurrency market.
“I think the crypto market is attractive to millennials because it’s a space with both a lot of growth and risk…People who are 40+ years of age are likely settled down with a career and family, and less inclined to get into such a quick growth, volatile field. It’s been the same way with startup founders over the past 2 decades. Millennials also seem to be much more digitally literate than Gen X or baby boomers.”
One Month’s co-founder also thinks that the older generations shouldn’t see the age as a limiting factor to get involved into the cryptocurrency market.
“Many of the people starting cryptocurrencies and tokens do seem to be between the ages of around 22-40. But obviously anything is possible, and I could list many exceptions to the rule.”
The CEO of StormX, Simon Yu is also understands why so many young people are open to technological innovations.
“Millennials are particularly open to embracing new technology in order to create opportunities for themselves and blockchain, the tech behind crypto, is no different. As masters of the side hustle and challengers of the traditional 9-5 working lives of previous generations, millennials are welcoming blockchain with open arms.”
A Great Future For Cryptocurrencies
The blockchain technology can change many aspects of our everyday lives and many industries that have been working the same way for centuries.
Storm X’s CEO, Simon Yu, thinks that millennials can transform the working model with the use of the blockchain.
“The old paradigms of work–based on the industrial revolution–are far too limiting in terms of a person’s potential, a person’s life’s work, and the return on investment for their time and effort, as well as the ability to advance.”
The co-founder of blockchain recruitment platform Job.com, Arran Stewart, truly believes that the blockchain technology will revolutionize our everyday lives.
“Cryptocurrency can become a global currency platform and is able to replace traditional payment methods. In the future, you will be able to pay for lunch with your crypto wallet, without a need for a credit card, merchant system, or cash. Consider how many things you buy and pay for day-to-day that crypto could replace.”
How to get in the Market While minimizing Risks
The most important thing about this market is that you have to do your own research and learn the basics by yourself. You should start investing in the cryptocurrency market only with money that you can afford to loose and that won’t limit you to pay your necessities. Job.com’s co-founder mentioned,
“Never do anything blindly, including investing or participating in cryptocurrencies…Allow yourself a day to truly read and understand it all. After that, only go in at a financial level you could afford to lose completely and that would not affect your life. With that, you’re all set to join the cryptocurrency revolution.”
The millennial generation has grown up with technologies, which is part of their everyday lives. This generation has an open-minded mentality towards new technological innovations. Cryptocurrencies and blockchains are examples of new innovations with a lot of potential in the future, which explains why the milleninals are embracing it.