According to some analysts, bitcoin is stuck in a dark place, but millennials can potentially pull the world’s number one cryptocurrency by market cap out of its present funk and help it reach new heights.
Millennials Are the Answers to BTC’s Present Problems
As it stands, many crypto experts and analysts see millennials as the answer to many of bitcoin’s problems. One of the biggest issues for BTC at the time of writing is that it is widely considered to lack legitimacy when compared with USD, gold, and stock shares. The currency is not mainstream enough due to the amount of theft and fraud that has occurred within its industry’s walls, and people don’t trust it enough to begin using it.
Millennials, however, see things in a different light. It’s stocks and fiat currencies that they don’t trust. Many millennials grew up or were raised during the time of the 2008 financial crisis. As a result, they see big banks and standard financial institutions as failures. Establishments that will hurt people to stay afloat and then simply turn to the government for a bailout should things ever fall apart for them.
Crypto, by contrast, is something that brings about a whole new future. It cannot be controlled or manipulated the way standard fiat can. It is out of the hands of big banks, and instead relies on the good nature of people. They are the ones in control. They decide how bitcoin will be used, and the decisions about where bitcoin goes will rely on their spending power.
As it stands, bitcoin has been trapped between $8,500 and $10,000 for the past two months. The currency has barely moved during this time, making many analysts believe that the currency isn’t likely to experience a breakout rally unless something big or drastic happens. They believe millennials will be the one to drive that change.
Matt Maley, chief market strategist at Miller Tabak + Co., said in an interview that if bitcoin breaks above its current trend line, no doubt will it gain some “nice momentum,” and we may even see the currency hit its all-time high again by the time 2020 comes to an end.
Maley sees plenty of young people active on applications such as Robinhood, where they’re getting regular exposure to bitcoin and its altcoin cousins. While some analysts believe that younger generations are being somewhat careless in their financial decisions, Maley sees their actions as the necessary ingredient to another BTC rally.
Pushing the Currency North
They’re playing in another sandbox, right now but they’re keeping their eyes on all the other sandboxes because they know that something like bitcoin can make them a big profit very quickly… Interest in [bitcoin] is going to pick right back up, and all those momentum players are going to say, ‘I’m in.’