The game design company CryptoKitties is one of the uses of blockchain and crypto young people are most interested in. However, this should not be a completely unexpected development seeing as how youngsters tend to be at the cutting edge of new technology.
Blockchain and cryptocurrency are attractive to youngsters for several reasons. First, they are technologically-minded people. Second, they are most affected by the socio-political issues that come with a crisis.
A survey conducted by Pulse of nearly 1,000 individuals aged between 16 and 24 indicated that 21% of respondents would prefer to get paid in cryptocurrency instead of their country’s fiat currency. One reason for this is that millennials have grown up having witnessed the 2008 financial crisis and, as such, are nervous about leaving wealth in banks. A study by The College Investor also showed that millennials are more than twice as likely to invest in crypto than other generations.
Another study revealed that 75% of the respondents were still at high school or university when the recession hit (2007-2010), so the financial crisis obviously had some role in pushing them towards crypto. The post-2008 period also triggered passionate public debates about the 30-year rise of inequality, which would have been important in planting the initial seeds of resistance against traditional finance. Politically, millennials have replaced the stereotype of a conformist, deferential, and tolerant generation with ‘a generation increasingly disillusioned by politics’. The average age of US Senators is 58 years old, and incumbents in Congress have an average age of 57 years old; eventually, millennials will become the largest voting block in the US by age, but no legislation can be passed without taking into account this massive voting block. These factors push millennials toward anti-establishment alternatives like cryptocurrency.
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