Well, this is disappointing. After so much alleged appeal to young people and the growing hype surrounding cryptocurrencies, it appears members of generation Z are unlikely to spend their time or money on digital assets.
Cryptocurrencies Don’t Look Great to Everyone
According to a new survey conducted by Business Insider, young people between the ages of 13 and 21 are largely bearish when it comes to cryptocurrency. Roughly 52 percent of those involved in the survey – just over half – say that they will never purchase, trade or invest in digital assets, while only 26 percent – just over one-quarter of those involved – stated that they were considering it.
In total, approximately 1,884 people were surveyed.
What’s particularly disappointing is that young people arguably stand to gain the most from crypto and its respective technology. For one thing, digitization is largely part of their generation. Between smart phones, portable computers, notepads, iPads and everything else they seem to carry with them, the idea of having everything digitized and readily available is something that’s tied largely to their age groups. If computers, phones and the respective data they carry can all be digitized, why not cash?
In addition, it would appear at this stage that cryptocurrency has become the “inevitable” next step in the development and evolution of money. Cash, for example, is now being used less than credit cards, and it would seem like crypto can potentially take over completely once credit and debit cards wear out their welcomes. The monetary space has incurred several changes over just the last 30 years alone, and cryptocurrency has given us many signs that it’s here to stay.
Young people should be investigating crypto as much as they can, as it’s likely to be the norm when they’re in their 30s and 40s. Now would be a good time to understand the technology and get a head start on how it’s utilized.
Nevertheless, it appears younger generations are still largely deterred by the behavior bitcoin and its crypto-cousins exhibited in 2018. As we all remember, bitcoin reached its all-time high of nearly $20,000 during the previous December. Starting in early 2018, all cryptocurrencies – bitcoin in particular – began experiencing solid price drops that caused many to lose as much as 70, 80 or even 90 percent of their values.
The Latest News May Cause Things to Change
The survey suggests that many younger individuals are concerned that bitcoin and cryptocurrencies will repeat this behavior in the coming months or years, and they fear losing in the long run.
The survey appears to leave some room open for hope in that Facebook is now producing Libra – a new cryptocurrency – and bitcoin and several altcoins have been making a comeback over the past three months. Perhaps these and other new developments can get younger traders interested in digital assets.