Millenials believe in cryptocurrencies

in #cryptocurrency6 years ago

2017 saw a rush of capital into the cryptocurrency markets, and there’s no sign 2018 will be any different. And millennials are keeping the frenzy booming.

According to a recent survey conducted by Blockchain Capital, 30% of those in the 18-to-34-age range would rather invest $1,000 in Bitcoin than $1,000 in government bonds or stocks. The same study also indicates that 42% of millennials have heard about Bitcoin, compared with 15% awareness among those aged 65 and up.

The millennial interest in trading cryptocurrencies is hard to ignore, yet they are not the only ones interested in this market. The competition for the coin is expected to become tougher in 2018 as new players enter the domain. “For Millennials the soaring performance of Bitcoin – followed by an almost equally profound correction – holds more intrigue than the prospect of steady growth in house prices,” Get Living concludes. “This translated to 27% of male Millennials polled believing Bitcoin represents a better investment than property.”

It’s safe to say that this year, more institutional investors will start trading cryptocurrencies, especially Bitcoin. Yet, at the moment the bitcoin market already faces a significant supply and demand imbalance despite the high price.

According to Timothy Tam, an ex-hedge fund trader and co-founder of CoinFi, an advanced market intelligence platform for cryptocurrency traders, it looks like the existing equation might force prices even higher. “There’s limited supply because, aside the fact that there will only ever be 21 million Bitcoins in circulation, most of the holders of Bitcoin are long terms holders. The demand on the other hand keeps soaring,” he explained.

Yet, Bitcoin isn’t the only investment-worthy coin on the market. Ethereum, Ripple and Litecoin prices keep climbing up as well.

Crypto For The Long Term

Cryptocurrencies being used by Millennials to save for the future could be quite revolutionary if the concept catches on. Recent findings from the National Institute on Retirement Security (NIRS) show that 95% of American Millennials are not properly saving for their future. Moreover, the study also found that two-thirds (66.2%) of working Millennials have nothing at all saved for retirement. Yet as more Millennials invest in cryptocurrencies, new opportunities for putting crypto assets toward a 401(k) or IRA are becoming appealing and even plausible.

Jeremy Gardner, managing partner at Ausum Ventures, is 26-years-old and has been investing in cryptocurrencies for about five years. Gardner is one of the many Millennials who strongly believes in crypto assets.

As a millennial, I personally put much greater faith in scarce digital assets that are determined by math and auditable code, rather than a group of bankers at the Federal Reserve. This is because dollars depreciate in value, while crypto assets historically have appreciated, and will continue to exponentially, should they be successful. That being said, I’ve put away savings for my unborn children’s education and my retirement, Gardner told me.

And while the risky nature of the cryptocurrency market might not appeal to some, Millennials seem to be finding major opportunities in the risks involved.

Millennials using cryptocurrencies to save for the future is providing the younger generation with a new sense of hope and even more opportunities for a secure future.

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