Bitcoin and other virtual currencies foresee a unified, global cryptocurrency. Several coins positioned themselves to fill pieces of this puzzle. Most notably, Bitcoin provides fundamental blockchain technology, while ethereum solidifies smart contracts. At the center of all this are millennials.
Differences among Generations
A recent London Block Exchange study examines cryptocurrency perceptions by age. According to the study, a third of millennials will invest in cryptocurrencies by 2018. They are the likely generation to usher in the world’s unified money. Some people over the age of 55 adamantly stay away from cryptocurrencies. The reasoning of 57% of this age group simply may be that they do not foresee impacts within their lifetime.
The middle generation’s interest in cryptocurrencies can use 2018 as an opportunity to maintain their financial influence over the markets. They have money and incentive to be the most active generation in crypto exchanges. Once millennials have a large enough piece of this market, then their ideas begin reshaping the world.
Since 85% of people over 65 have not heard of bitcoin, it is unlikely they watch financial channels. Bitcoin coverage has increased steadily over the past couple of years but became a daily segment after record highs at the end of 2017. The 42% of millennials who are aware of Bitcoin, do not all watch conventional financial channels. More likely, social media and news blogs are their information sources. The power of social media is proven to the point of reshaping marketing. Once in agreement, such a network can rapidly bring about global change.
Key resistance factors include Bitcoin’s limited supply, inflation bots, and emotional trading. The limited supply has been discussed since the earliest days of bitcoin. Veteran traders provide guidance for any savvy investor. Inflation bots are a more recent and profound problem. They are likely to become more challenging as excitement over cryptocurrencies grows. Emotional trading is always a danger with volatility. The increased trading volume will benefit both inflation and emotional risks.
Bitcoin is well designed. It is made for digital transactions. Fiat currencies never foresaw the modern age and have been playing catch up since day one. Their foundation is simply inadequate. The digital transactions millennials grew up with clearly need a suitable virtual currency.