The latest study shows that around 70% of millennials consider bitcoin as the vital “safe haven” asset, beating out gold and many precious metals.
Bitcoin first rose in 2008 in the time of the Great Recession. Many millennials spent part of their teen or pre-teen years watching the development of the recession. They saw their parents get laid off their jobs after years of loyal service. They might have seen their parents lose the family home to foreclosure. When they are old enough, they might have had difficulty landing work for themselves.
While dealing with many of the problems, it is safe to say that millennials saw large banks and major corporations get bailed out fast by the government tycoons who bribed their way to the top. It is the biggest cliché that emerged from the great recession, but it is more accurate than any individual might think.
Many young generations have lost whatever faith they have had in banks, traditional financial institutions, and standard investing methods and see crypto as the answer to their problems and concerns.
Bitcoin worked differently from banks and the currencies provided by some institutions. For instance, the standard bank will have a huge say in who can gain access to the products and services. It will check a person’s debt ratio, job and credit histories, and other factors defining who will take advantage of the offerings.
Bitcoin is designed to give people financial independence. Crypto doesn’t care who trades with it. All that it’s interested in is whether a user has a digital wallet that will allow the trading.
Millennials have taken the lack of scrutiny by heart and will see bitcoin as the world’s most promising hedge tool; something that can keep one’s wealth steady and protected in times of economic strife. The Generation is a Determining Factor
Nigel Green, the deVere CEO, believed that millennials are becoming more important in investing environments. In the latest interview he says:
“Bitcoin has been around for little more than a decade, but already accounts for more than three percent of gold’s $9 trillion market cap. As the world continues to shift towards tech and as millennials become a more dominant part of the world economy, we should expect bitcoin to also take an increasingly influential role in financial markets, especially [with its potential of] being a ‘recession-proof asset.”
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