bitcoin
Here's how millennials are using bitcoin and cryptocurrency to build the future.
Why Cryptocurrency Is Uniquely Suited To Millennials
As the first generation to grow up with digital technology at their fingertips, millennials have different ways of thinking by default. Technology is seamlessly woven into day-to-day life in a way that feels completely natural. Millennials do everything from getting a taxi and ordering food to finding employment and booking vacations differently from their parents. Cryptocurrency factors into this nicely.
Simon Yu, CEO of blockchain startup StormX, says, “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.”
Chris Castiglione, who cofounded One Month and teaches a Bitcoin & Cryptocurrencies course there, also notes that the young are in a better position to assume the risk of an industry known for volatility. “I think the crypto market is attractive to millennials because it's a space with both a lot of growth and risk," he says. "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.”
However, Castiglione says, older generations who want to get involved shouldn't see age as a limiting factor. "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," he says.
The Potential Of Cryptocurrency Moving Into The Future
The most well-known use case of cryptocurrency is just what the name implies: a digital currency that people can store and exchange without giving a thought to banks or borders.
Arran Stewart, cofounder of blockchain recruitment platform Job.com, explains, “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.”
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