Why does Gen-Z have a love affair with cryptocurrency?

Teenagers and young adults, especially those in Generation Z, have a love affair with cryptocurrency. This trend is not surprising when you consider that their generation has grown up during an era of rapid digital transformation, where technology has become part of their everyday lives.

Gen-Z is also known as the digital native generation. Most in Gen-Z have grown up using technology and it’s very likely that they have used cryptocurrency apps on their smartphones.

According to Stilt, 90% of buyers of cryptocurrency are Gen-Z and millennials.

Last year Bitcoin crossed the $65000 mark. A lot of people made millions of dollars with cryptocurrency, NFT’s and became millionaires overnight. Even it crashed after that but the question is crypto has become a popular scheme for people to get rich quickly. 

If we see history it’s the same as the dot-com bubble but this time it’s riskier and more complicated. A lot of people call crypto a bubble that is going to burst someday. I don’t think it will happen any time soon. 

I have seen a lot of Gen-Z getting into crypto and not everyone wants to get rich. There are a lot of reasons why crypto has become popular so fast in the last 2 to 3 years. One reason might be pandemic but one is the ideology behind cryptocurrency.

We have seen in recent years a growing concern among Gen-Z about their privacy and data. They got tired of getting controlled by a centralized system. Cryptocurrency and blockchain really gave them hope that there is a world without anyone controlling it. 

Why cryptocurrency is so popular?

Cryptocurrencies have become a popular investment option for many people in recent years. The interest in cryptocurrency is exploding and the number of people who own cryptocurrency keeps growing.

There are over 1,000 cryptocurrencies available on the market today, but there are only a few that are truly worth your time. Some of them include Ethereum, Bitcoin Cash, Ripple, Litecoin, Dash, NEM, IOTA, NEO, and many more.

According to investing.com, there are more than 300 million cryptocurrency users worldwide

The cryptocurrency market has been booming recently. With Bitcoin reaching an all-time high of more than $65,000 per coin, many want a piece of the profit. 

The price of bitcoin has been increasing dramatically over the last several months, hitting record highs and attracting more media attention. However, the same can’t be said about other cryptocurrencies and tokens. Some coins have even lost half their value after reaching record highs.

The rise in cryptocurrency’s value is expected to continue, but one thing that would change is the regulation of cryptocurrencies by governments.

Why does Gen-Z want to invest only in cryptocurrency?

Are you surprised to see the huge hype around cryptocurrency? The youngest generation, Gen Z might be on a mission to change the world. It is evident that cryptocurrency has been the most talked-about topic among people of all age groups.

The trend can be attributed to various factors including the decrease in trust in the financial system, increasing interest in entrepreneurship, an increase in social awareness, and also the technological revolution in the internet world like the metaverse.

Generation Z is a young generation. They are not enticed by the traditional things like their parents were, but more so by what’s new and different. For Generation Z, it’s not simply about making money. It’s also about being part of something big. Cryptocurrency offers that sense of community and possibility that they’re looking for.

This generation is savvy with technology and social media and has no fear of experimenting with decentralized systems that are not controlled by large organizations or governments. Because of this, they tend to be very open-minded and willing to be part of it.

Is investing in cryptocurrency really worth it?

I am not here to tell you to invest or not. I just want to make sure that you are aware of the risks and rewards so you can make an informed decision on your own. 

I have been following crypto for a long time, but only recently made my first investment in it. Everyone has their own financial goal, mine was to diversify my investment. 

If you are aware of financial markets and have some experience then it might be a good choice to hold some crypto for diversification.

If you are a beginner it might not be a good choice. Speaking for myself, I wanted to invest in crypto just to diversify my portfolio.

Coming back to the question is it worth it. Yes, and No, it depends on what you want to achieve with it. People have made cryptocurrency a scheme to get rich but it’s not. 

The concept of blockchain and the invention of cryptocurrency was to get rid of the centralized system that can manipulate the system.

Blockchain technology is a revolutionary way of storing data. It is used in many different industries and is an essential part of the cryptocurrency world.

This method for recording, verifying, and sharing data means that transactions can be made without third parties such as banks or governments involved. 

The first cryptocurrency was Bitcoin which was created in 2009 as a peer-to-peer payment system with no central authority, making it easy to transfer money internationally while avoiding currency exchange costs, but now there are numerous cryptocurrencies available all over the trading platforms.

Binance is one of them. It is the most popular cryptocurrency platform to get started with.

According to Business of Apps, Binance has more than 28 million users with a $7.7 trillion exchange volume.

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Conclusion

Overall, the reasons for Gen-Z’s affinity towards cryptocurrency are two-fold. Firstly, they were both exposed to and affected by the 2008 financial crisis. 

This allowed them to become interested in alternative forms of currency like Bitcoin and other cryptocurrencies. Secondly, they are growing up with social media and the sharing economy at their fingertips. As a result, they have been exposed to more opportunities to make money online than ever before.

This is not financial advice it is only for the purpose of information and education.