Younger Generations Embrace Cryptocurrency as Path to Modernize American Dream, Says Coinbase Report
Summary:
Coinbase's recent study reveals Gen Z and Millennials' dissatisfaction with traditional financial structures, leading them to explore unconventional methods such as cryptocurrencies. The existing pricey housing market, inflation and outdated economic systems have veered them towards establishing modernized work, ownership and finance models. The study finds the younger generation considering cryptocurrencies and blockchain for broader economic opportunities, whereas a significant portion even views crypto as the future of finance. Furthermore, the report highlights their potential political role, where a majority of these youth may support crypto-friendly candidates in the 2024 elections.
Coinbase's latest cryptocurrency study reveals that the younger generations, specifically Gen Z and Millennials, are discontented with the traditional American dream and financial structures. According to the report, these younger demographics are more open to unconventional financial strategies, including cryptocurrency, as opposed to their senior counterparts.
Factors like high property prices, inflation, and an antiquated financial system have led the American youth to deem the American dream less attainable. These individuals, rather than conforming to traditional norms, are constructing innovative models for work, asset ownership, and finance that are more adaptable and do not depend on inheritance.
Younger people are diligently pursuing new economic opportunities, laying the groundwork for a reimagined financial platform and a refreshed interpretation of the American dream. They believe that such a transformation can be enabled by the latest technologies like cryptocurrencies, as indicated in the report.
The study reveals that approximately 38% of the younger generation see cryptocurrency and blockchain as economic opportunities beyond the standard financial frameworks, compared to only 26% of older people. Also, 31% of the younger group own cryptocurrencies, while a mere 12% of the elders invest in digital assets. An encouraging 16% of the youth express an interest in global currency via crypto, compared to 10% of the older generation. Moreover, about 38% expect cryptocurrency to pave the future of finance, compared to 28% of their elders.
Beyond just owning cryptocurrencies, young people are studying them academically, acknowledging their job potential. These youth are also showing readiness to support crypto-friendly candidates in the 2024 elections. According to Brookings Research, Millennials and Gen Z (who currently comprise about 40% of the voting-age population) will become the majority of voting-age Americans by 2028.
The Coinbase report further reveals that 51% of young people are prepared to back candidates who favor cryptocurrencies in the 2024 elections. Plus, 39% of these youth opine that politicians and decision-makers should support technologies like cryptocurrencies and blockchain to enhance the prospects for the coming generations. In comparison, only 28% of older Americans share this belief.
Published At
10/26/2023 5:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.