Millennials and Crypto love story began during the last financial crisis. Banks and the entire banking system have long ruined their reputation when, during the recent economic crises, top management of banks had record high bonuses and revenues, while most Americans simply tried to stay afloat.
This was particularly felt in their own skin by the American youth, who, during the last crisis of 2008, finished their studies and tried to deal with their debts and tried to get on their feet. Unlike the older generation, which has already become accustomed to the constant swing system, and also mostly stuck in thinking and cautiously about everything new, millennials and Crypto have become an inseparable tandem in economic life.
Many people from the older generation believe that the millenials are destroying many traditional sectors of the economy, constantly inventing and using newer and more perfect things than those that have been unshakable for decades and even centuries. Now the turn has reached the banking system.
Parting with banks
The very essence of the banking system is a predatory structure, imposing an incredibly high percentage of those who most need financial assistance. During the crisis of 2008, after graduating from college, many millennials tried to cope with tuition interest rates. The younger generation remembered well the difficulties that they had to face, and the open brain allowed them to understand the true causes of their difficulties. The owners of banks at this time actively earned huge money by raising interest on loans, leaving the same interest rates on deposits.
So it was obviously clear that the owners and top management of banks simply exploited people, including Millennials and Crypto was the answer to this approach of banks to business and finance in general. Distrust of banks contributed to the fact that the parallel crypto economy from the banking system has already gone more than 150 billion dollars. Despite the decline in the cost of cryptocurrency in 2018, this figure will only increase.
According to opinion polls, 77% of millennials, who have a much higher average income, believe that the next financial crisis is only a matter of time, because the traditional banking system was created only to retain the power and influence of several dozen families in the world. The next crisis will enrich them even more, while the majority of ordinary people will become even more dependent on banks, falling into debt slavery.
Therefore, the Millennials and Crypto have become an increasingly inseparable commonwealth, thanks to which an increasing part of global finance is moving into a crypto economy. There are no intermediaries, there is a single center that makes decisions and has the opportunity to steal money from its own bank, leaving its customers without their investments. The technology of Blockchain, according to most millenials, is the key to financial security, even if you do not leave the traditional financial system, then this distributed database technology will not allow anyone or a group of people to manage the entire system for their own selfish interests.
Millennials believe that all failures in the banking system are planned initially, because individuals can manage the entire system. Millennials and crypto will not allow such processes to occur in the economy of digital money, thanks to the blockchain, which continues to improve. Now it is almost impossible to find such a millennial who would trust banks.
Banks are the personification of racism and class injustice, which initially do not accept minorities of any kind in order to provide them with full financial support. Among the majority of millennials, banks are considered predators, structures created for the wild enrichment of some by oppressing most of the others. High interest rates are becoming a factor that drags deeper into the swamp of debt for those who are so difficult.
Millennials and crypto are ready to part with banks over time, despite the fact that many states are trying in every way to hinder the development of the cryptocurrency market at the legislative level. However, due to the peculiarities of cryptocurrency, it is very difficult to control and regulate, and a little less than 20% of millennials already have cryptocurrencies in their assets.
Especially rich millennials tend to use cryptocurrencies, and among them the percentage of ownership of crypto is higher and already amounts to about 25%. Even those of their millennials who still do not risk investing in a new kind of money are already eyeing crypto, and more than 30% of them are keenly interested in them, exploring the opportunities they can get from using cryptocurrencies. Among them, 88% already consider crypto as a tool for investment, and more than 40% want to keep their savings in a crypto.
These percentages of millenial relations and crypto suggest that most of them will eventually transfer their financial life to the digital economy, but many are not yet sure about certain points due to the lack of knowledge on this topic. Slightly less than 100% of millenials would like to learn more about cryptocurrency in order to start using it and investing in it.
Many of the milileas, especially those who are not connected with finance, fearing to invest in the unknown and incomprehensible to them, would be willing to do this if they were recommended to do so by an experienced person who has knowledge in finance.
Millennials and Crypto: love built on values
People from the older generation, especially those who are somehow connected with the banking system or other traditional financial companies, say that cryptocurrency is self-indulgence, that it is a soap bubble, which will soon burst and leave everyone with nothing. Most of them say so, without fully understanding the nature of cryptocurrency, what their reliability is built on and why they represent the future of finance.
Of course, the influential powers that run the banking and the entire modern financial system are not interested in such a development of events and are trying with the methods available to them to somehow take control of the cryptocurrency market. However, as long as it is not possible in principle, the tact as a modern level of information technologies will not allow to gain control over the entire system, because it does not have a single center, but is distributed equally among all participants in the system. If you crack one or several nodes, then the rest of the system will not accept these changes, that is, it is not technically possible for one person to take over the entire system.
This state of affairs, in spite of everything, will attract more and more new users to crypto. Even the fact that the price of Bitcoin fell by as much as 80% in 2018 did not negatively affect the increase in the number of new crypto accounts, but on the contrary, despite this, it doubled. This suggests that people are increasingly learning about cryptocurrencies and blockchain-based systems and their popularity will only grow in the future.
The Millennials and Crypto fell in love with each other thanks to common values. Nobody exploits you enough to drive you into a debt infinite cycle. The absence of intermediaries provides the possibility of cheaper transactions without the possibility of intervention by third parties. A record of all transactions is made by spreading in encrypted form throughout the system and it is impossible to decrypt all this at once to make unauthorized changes. There is also no discrimination on any grounds, everyone is equal in the blockchain system, besides it is possible to observe complete anonymity.
Many enthusiasts and developers of cryptocurrency say that no matter how many jumps up or down, the values on which this system is built and the number of followers will continue to grow.
A new generation of services, a humane business, not shark grin with big teeth, ready to devour you live with your money, but new technologies that help the development of humanity as a whole are what unites the generation of millennials and crypto.