Blockchain technology involves using technological devices and an internet connection to help with operations and transactions. According to recent statistics, blockchain technology is common among youth from all over the world. Although most of the value is held by the elderly and corporations, the largest crypto holders are the youth. The main generation holding crypto is Gen Z. Some of the reasons why Gen Z is the generation with the most interest in crypto include:
It might be hard to identify different names given to generations, such as Gen Z, Gen X, and the Boomers. Gen Z is made up of people that are born between the mid-1990s and early 2000s. This comes as no surprise that this is the generation with the most interest in the internet and blockchain technology. This generation grew up with the development of technology such as the internet, gaming system, computers and phones, and many more technological developments. As a result of the developments, they got used to adopting new technologies and using them to their benefit.
Currently, most online gamers are from this generation, with some making them become world champions in the sport. Their upbringing and living through the development of new technologies made them the people with the most potential to adopt cryptocurrency. And due to this, they are the people making up the largest group of blockchain users. All over the internet, there are stories of young men and women in their 20s making millions either from blockchain or other technologies, proving this to be a factor leading to the success blockchain technology has had in the market.
Cost of Living
Generation X is the generation currently in their mid-20s; this makes them the generation currently entering the job market and starting their career. As a result, this is the generation with the highest need and demand for money. They were used to their parent’s money, but they had to find ways to keep up with the lifestyle they were used to. Many are choosing cryptocurrency as a source of extra income, considering the need to keep up with current events, fashion, and social activities.
Some people involved in cryptocurrency use this as their main source of income due to the current competition in the job market. Investing in cryptocurrency provided away from an opportunity to make money without a lot of energy invested in the process.
Truth be told, Gen Z is the most prone to peer pressure at the moment. They are the people getting introduced to freedom and the ability to spend money without having to get their parents’ consent. This leads to many of them investing in things their friends and relatives have been successful at. Due to social media and chasing clout, many choose to invest in cryptocurrency. Another reason this is the case is that many need money due to their current financial situation. As they try to make quick money, many are investing in cryptocurrency, which is proving to be a good venture. Until recently, when the crypto market has been struggling, many people have been making money from P2P crypto trading, mining, and other practices.