Bitcoin is more than a decade old, and never have we seen so much popularity revolving around it than what we do in recent years. With progress in financial technology, cryptocurrencies have seeped deep inside the collective idea of the economy. However, trends show that millennials are the ones in every society who are most interested in crypto. For those of you who are newbies in this particular topic, let us first get an idea of what Bitcoin is.
Bitcoin – The basics
Bitcoin is the first-ever decentralised currency that started functioning in January 2009. It was discovered by the mysterious Satoshi Nakamoto and functions with the help of Blockchain technology, also designed by him. It is essentially volatile, but it is also a fact that all people who were initial investors in cryptocurrencies have got millions as returns. One can buy and hold Bitcoins, trade them, or encash them in a short period whenever deemed fit to attain utilisation of the digital money that they own.
What is it about millennials and Bitcoin?
Bitcoin, through time, has come across to be a scope of good investment. Starting from daily news, to personal choices of food, everything is accessible through their mobile phones and computers. So much so that the same goes for investments as well. This generation is not interested in heavy paperwork, long queues, and constant interference of traditional banks and other centrally-controlled agencies and it shows! Surveys showcase that crypto is three times more favoured as means of investment in millennials than amongst any other generation. Along with that, more than 66% of the millennial population has more faith in the crypto industry than in stock markets. There are a couple of reasons for that which are as follows:
- A promising alternative to the traditional currency system.
- Unlike the stock market, trading crypto isn’t bound by specific business hours.
- Crypto is outrightly digital, similar to millennials of this age.
- The Crypto market is free of troublesome government interference.
- Due to their nature, cryptocurrencies are creating a new asset class throughout the world.
All of these highlights prove that there is a growing relationship between cryptocurrencies with that of the millennial generation. Let us now look at three points that are further specified in the light of Bitcoin’s popularity in this particular section of citizens.
- Big and speedy returns.
Bitcoin is the most popular cryptocurrency with a towering increase in value. Millennials are a young portion of the global population and they can consider taking financial risks here and there. Except in 2018, the value of Bitcoin has been on a significant rise. In 2020 alone, return percentages were as high as 400%. This means in a short time it can render big returns, something that is alluring to the millennials.
- Replacement to the idea of pensions
Millennials belong to that era which no more provides pensions, be it either in private or government sectors. So, they need to make intelligent choices of investment, so that their retirement phase turns out safe and comfortable. FDs and other modes of savings offer returns of around 7% only, which is insufficient in the long run. Hence, shifting to crypto would indeed be a great choice for millennials.
- Bright prospect of dealing with unemployment
With the growing uncertainty of the global economy, millennials are preferring to deal with this problem with the help of crypto trading. Softwares like bitcomo, a crypto wallet software based in China, and other similar apps like Binance, have been approved by this generation of traders and these apps have reportedly helped a section of Millenials to dream bigger and climb up the economic ladder.
Bitcoin has struck the minds of millions of millennials globally and they view it as a prospect of good investment and financial security. They are likely to benefit in the long run with the growing popularity of cryptocurrencies.