The younger generation is perceived as a non-believer of traditional ideas and regimes and continues to challenge them frequently. The tech-savvy and liberal generation not only seeks these traits in their lives but also seeks opportunities to bring them into the financial system. A recent report affirms this notion and noted that the generation thinks cryptocurrencies and blockchain tech can play a vital role in it.
United States cryptocurrency exchange firm, Coinbase, released a report titled ‘The State of Crypto: Age, Access, and AGENCY’ for Q3 2023. The report is filled with crucial insights and the take of the younger generation—Gen Z and millennials—on the ‘American Dream’ is among them.
The generation believes that once a highly anticipated goal to achieve “economic opportunity and prosperity—the American Dream” does not seem attainable. The report noted that 9% of Gen Z and 19% of Millennials believe that the goal is still achievable for everyone.
The disparity among people of age group 18 to 25 years (Gen Z) and 25 to 40 years (Millennials) for the Dream has several reasons. The generation is facing unprecedented issues like debts after education, high housing costs, inflation, and even an “outdated financial system” to keep them behind.
As a result, the generation seeks unconventional paths to fulfill their life goals. Instead of sticking with the traditional financial system, they are more open to adopting a more flexible financial system based on crypto and blockchain. The same philosophy applies to models of work and ownership.
The generation is not giving up on the idea of achieving the American Dream, rather it is after an advanced version now. For fresh economic prospects, they believe emerging technologies like digital assets can help to modernize the system.
Young Generation Chasing the Crypto Dream
The report revealed that the younger generation is significantly more optimistic about the economic potential of cryptocurrency and blockchain compared to their older counterparts. The data shows that 38% of younger individuals view crypto and blockchain as offering economic opportunities beyond traditional finance while only 26% of older individuals share this perspective.
When it comes to ownership of digital assets, the generation gap becomes even more pronounced. The report indicates that 31% of younger people currently own cryptocurrency, while just 12% of older individuals hold digital assets.
Younger generations also express a greater interest in the idea of cryptocurrency as a global currency. About 16% of them show enthusiasm for this concept, whereas, only 10% of older individuals share this sentiment.
The most striking insight is the outlook on the future of finance. Approximately 38% of the younger generation anticipates cryptocurrency playing a pivotal role in the future of finance, while only 28% of older generations hold a similar view.
These statistics demonstrate a generational divide in attitudes towards cryptocurrency, with the younger population displaying a higher level of engagement and optimism in this emerging financial landscape.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/10/27/young-generation-finds-room-for-crypto-in-american-dream-report/