Cryptocurrency isn’t just Bitcoin anymore and the concept of cryptocurrency is now ten years old Within the last decade entrepreneurs have been inspired to create new start-ups and jobs have been created thanks the idea of digital currency and this trend is in the most part down to millennials.
Millennials are in fact the first generation to grow up with such technology at their fingertips and as a result are more accepting and comfortable with all these wonderful advances. Technology is just a part of their every day lives that is pretty much taken for granted and this is why cryptocurrency fits perfectly into this.
Amongst this generation the cryptocurrency investment trend is really gaining traction for retirement purposes. A study carried out by the National Institute on Retirement Security showed that 95% of millennials are not saving enough for retirement and a massive 66% actually have nothing at all saved. A growing number are investing in cryptocurrency now though for this purpose. In regards to other forms of investment millennials are also now looking towards cryptocurrency rather than real estate. A poll conducted by Get Living indicated that 21% of millennials within the UK would rather invest in cryptocurrency that real estate. Regardless of its volatile nature they believe that virtual currency is a more reliable investment now than traditional forms such as property. A survey conducted by Harris Poll also saw 1 in 4 millennials indicating they preferred the idea of investing in Bitcoin rather than stocks.
Not only in terms of investments are millennials wanting to take advantage of cryptocurrency, they also want to use it as an everyday payment method. Being able to use cryptocurrencies to pay for takeaway food, order clothes on line, in-game purchases or to fund an online slots session, are what millennials want to see and this is gradually happening. Digital currency is starting to become a more accepted payment in many different markets now, one of the main ones being within gambling, online slots and casinos, who are starting to let their customers pay with Bitcoin and some even offer payment via different forms of cryptocurrency.
In fact, within the online gambling world, we have already seen the emergence of new online slots and casino brands who specifically offer the cryptocurrency option. This in turn, is placing more pressure established brands, mFortune being one of them, to start considering having the option as part of their overall banking service. This is especially the case for brands looking to expand their audiences to include this growing millennials force.
The market has seen this generation gradually shifting towards displaying a preference towards cryptocurrencies over conventional forms of equity. Millennials also are attracted to cryptocurrency due to its security and the fact that it cannot be influenced or regulated by Government. This a big factor for this age group as there is a widespread distrust amongst them for Government and centralised institutions.
Cryptocurrency is the perfect form of digital exchange for this new modern world, powered by technology and therefore it is not surprising that millennials, the generation who have grown up with technology at their fingertips, are flocking to cryptocurrencies and preferring it to traditional forms of investment. This generation is the one that will be looking to get on board with any new cryptocurrencies that are showing potential, with the hope that they are investing in ‘the next Bitcoin’, after seeing how valuable the holdings were of those who purchased Bitcoin several years ago.