The younger generations have acquired technological fluency since they grew up around technological advancements and progress. One of them being the emergence of Bitcoin, which the youth has been exposed to at an earlier age than the rest of the world. In fact, current technologies are always appealing to younger individuals who find them easy to use and navigate.
Besides that, younger generations have also learned to adapt to change more easily. The youth are being empowered by Bitcoin specifically as this new technology has created new opportunities that they could appreciate. There is no doubt that Bitcoin is highly volatile, but this doesn’t seem like a scary quality to millennials who on the contrary wish to invest in cutting-edge technology. Indeed, the majority of Bitcoin investors are young, and over half of millennial traders acknowledge that they have more faith in cryptocurrency exchanges than they do in the stock market.
Millennials and Generation Z were raised in a technologically enabled world: that of the computer, the internet, and the smartphone. This means that they’re also technologically enabled, or educated. Having grown up in this virtual world, the youth of today has quite the positive outlook on everything digital as the perspectives on the digital world differ among the young and the older generations. And since these young individuals are tech-savvy, they know how to make technology work for them.
The world has experienced numerous financial recessions and general economic difficulties over the past three decades. The youth would have grown up hearing tales from their parents or older siblings even if they weren’t born during the worst of these difficulties.
Millennials and Generation Z have experienced significant financial instability. The millennial generation was entering adulthood at the time of the Great Recession. These young people witnessed everything disintegrate. Among other things, they witnessed their parents lose their homes during the housing crisis. As the economy slowly recovered, things started to get better, but they still had those scars.
The issue is that the narrative did not end there. The pandemic struck just a few short years later, causing the economy to crash once more. This time, it affected not only millennials but also members of the new generation Z, which was entering adulthood. Worse still, a number of nations’ economies suffered significant damage. As a result of its non-relationship with any particular nation, cryptocurrency continues to pique the interest of a large number of young people.
All that was mentioned above has led the new generations to develop a lack of faith in traditional financial institutions.
Where prior to leaving your cash in the bank could have procured you a fair benefit, these days, it is no longer sufficient. Today’s youth is aware that they must take a more proactive approach to secure their financial future.
The economy of a country is run by the government. Because they believe they will receive something in return, people put their money into this government. The truth is that people are getting a lot in return, like protection for example. However, these economic crises continue to show people, particularly young people, that the government doesn’t seem to want to help its people when they’re in trouble. The people’s money is held by the government, and when things get tough, it seems like the government wants to hold on even tighter to that purse. Young people accept this reality, but they aren’t exactly at ease with it.
Bitcoin is seen by many as a means of achieving universal freedom and an apparent lack of economic equity. The majority of young people use social media because they value online interaction and similarly, Peer-to-peer technology is used in Bitcoin. In essence, the Bitcoin network lets people transfer money without using banks as an intermediary.
As a result, Bitcoin is viewed as a social innovation by many young people. They think that this cryptocurrency is a new way to do business and share value online that will change everything.
Bitcoin establishes and maintains valuable, shared data through the use of computer networks. The data of a transaction is recorded by blockchain technology in a public ledger that can be accessed by all users. Additionally, people cannot alter the data, preventing counterfeiting. People can transfer money or value without the need for a reputable institution like a bank thanks to this system. The majority of young people, basically, see Bitcoin as a social innovation that will change how people share value or businesses.
In addition to that, since it can be hard to make money nowadays with the existing lack of job opportunities, cryptocurrency could seem like an alternative to earning money and thus attaining their sought after financial independence.
Since no financial institution is involved in any cryptocurrency, it is completely self-sufficient and under the control of people themselves.
In 2019, the French ministry of education decided to include Bitcoin in the Economics and Social Sciences curriculum because of its clear significance to young people. As part of the course, the ministry has also produced four explainer videos, one of which asks, “Can Bitcoin replace the Euro?” and “Is Bitcoin the currency of the future?” to help students gain a better understanding of how cryptocurrencies work and how they stack up against centralized currencies.
Everyone in the cryptosphere is drawn to its transparency; a businessperson sees Bitcoin’s non-mediated approach to capital trade as its most significant advantage. Additionally, businesses run by the youth have made significant progress in terms of expansion. It would not be justifiable to overlook the fact that Bitcoin has provided numerous financial opportunities for the younger generation, despite the fact that some individuals may still have second thoughts about investing in it.
Making certain that one is investing their money in a genuine and profitable industry is one of the most important steps in approaching self-employment. Many young people’s perspectives on Bitcoin’s viability have changed since it was announced as the safest and most secure alternative to conventional payment methods.
It’s safe to say that with Bitcoin, new ways have come to light for the youth to transform their life as it opens new doors.