How Does Generation Z Feel About Cryptocurrencies?
Is Generation Z apathetic towards crypto? Experts and amateurs have had their fair share of debate and differences on this topic. Multiple surveys have been conducted, the most prominent being the one conducted by Business Insider last year.
They surveyed about 1884 people, all within the age bracket of 13 to 21. The results revealed that:
Although a significant percentage indeed displayed a lack of interest in crypto investment, some did provide a positive response as well. Around 26 percent expressed that they would consider investing in cryptocurrency. But before we get there, let’s analyze why such a huge percent of Generation Zers displayed indifference towards one of the most interesting technological innovations of their times. So let’s, begin by getting an insight into them.
What is Generation Z?
The Zers comprise of all who were born after 1998. That makes the majority of them under the legal age, however, there are the 98 and 99 liners that have attained adulthood. So long story cut short, Generation Z is our student community. Being students and underage, these ‘kids’ do not hold a bank account under their name and have little or no idea about how the economic or financial system works.
The wealthy ones in this generation are more into P2P payment apps or cash instead of online payment and wire transfers. There is a substantial usage of debit and credit cards, which are again in the name of the guardian in majority cases. The ones with part-time jobs have too low of a wage to even think of any kind of investment.
Do they know about Cryptocurrency and Blockchain?
We are talking about a generation, the majority of which has never had the first experience with the traditional banking system, let alone the advanced financial services. So the answer to the question above is, yes and no.
While they might have heard about it, due to the extensive publicizing on social media and other platforms, but chances are slim if they are fully aware of the technology and what it can do. The perspective might change once they become adults and hold positions in enterprises.
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The only ones within the generation that saw and experienced the 2017 Bitcoin boom, are the older ones. Nevertheless, they have only come across crypto as a bear market. The constant fluctuations in the crypto market is a fact that might turn off the younger generation. For them the risk might be too high, considering they are not even in the working class yet. However, considering the recent Bitcoin boom, and almost similar reactions from the altcoins, and the uphill Blockchain integration trend, how long till they start showing genuine interest?
Pro Crypto Gen Zers
Now, coming back to what we started this article with, the Business Insider survey did reveal that around 26 percent of the participants displayed an interest in crypto, which should be the highlight of the survey. The interested might be too young now, but they have one precious thing on their side, Time. If the current trend is any indication then crypto popularity is definitely on the rise, and by the time these people grow up enough to make their own investment choices, crypto might (experts argue that it will be) be the hottest asset out there.
We need to also consider the fact that they will be the first generation to face the real-life adoption of crypto and Blockchain, as major industries progress in their quest to integrate both technologies to transform the legacy systems. Besides that, they will also witness the rapid growth of Blockchain businesses, some of which, they might head themselves. Many of the others might become part of the Blockchain workforce. As the world inches towards crypto adoption, generation Z will have no choice but to acknowledge it. It might start with 26 percent. However, how long do you think the others will take to join the bandwagon? That’s something to delve on.