DISILLUSIONMENT OF YOUNGER GENERATIONS PROMPTS INTEREST IN CRYPTO
A new report by Coinbase has shed light on the disillusionment of younger generations, specifically Generation Z and Millennials, with the traditional American dream and the financial system. The report reveals that younger Americans are more open to unconventional paths towards financial independence, such as cryptocurrency, compared to older generations.
According to the report, high housing costs, inflation, and an outdated financial system have made the American dream less achievable for young people. As a result, they are actively exploring new models of work, ownership, and finance that don’t rely on legacy intermediaries. This shift in mindset is driven by a desire for greater flexibility and a rejection of traditional norms.
Younger generations are embracing the possibilities of crypto and actively pursuing alternative economic prospects. They see cryptocurrency as a means to modernize the system and revitalize the American dream. The report highlights that nearly 38% of younger generations view crypto and blockchain as offering economic opportunities beyond traditional finance, compared to only 26% of older individuals. Additionally, 31% of young people own cryptocurrency, while only 12% of older people hold digital assets.
The interest in crypto extends beyond just owning it; young people are also studying it in school, recognizing its job potential. Looking ahead to the 2024 elections, younger voters are poised to play a significant role in shaping American politics. Millennials and Gen Z, who make up around 40% of the current voting-age population, will become the majority of voting-age Americans by 2028, according to Brookings Research. This younger demographic is eager to support forward-thinking candidates and believes that politicians and policymakers should endorse technologies like cryptocurrency and blockchain for the benefit of future generations.
The report reveals that 51% of young people are willing to support candidates who are favorable towards crypto in the upcoming elections. This contrasts with the 28% of older Americans who share the same view. The younger generation recognizes the potential of crypto to revolutionize the financial landscape and are eager to see it endorsed by political leaders.
In conclusion, the Coinbase report highlights the disillusionment of younger generations with the traditional American dream and the financial system. Young people are actively seeking alternative paths to financial independence, with cryptocurrency serving as a key component of their strategy. This shift in mindset and growing interest in crypto has significant implications for the future of finance and politics in the United States.
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