Survey Shows Gen Z Uninterested in Crypto Investing, Misleads on Youth Industry Participation
Digital tokens have been known to possess two key characteristics. They serve as a medium of exchange and also as a store of value. These characteristics have influenced the adoption of the new technology across different generations.
While the investment prone older generation seek to find value in holding digital tokens in form of assets over a period of time, within which they anticipate a rise in value, the younger ones would rather appreciate the liquidity of these tokens and the ability to use them for transactions.
In a recent survey, Business Insider discovered that the sentiments of most teenagers towards cryptocurrencies has nothing to do with the storage of value, or investment practices. As a matter of fact, majority of the teenagers in the survey did not have any plans of purchasing cryptocurrency anytime soon.
Purely investment-based questions as misleading when representing younger demographics
Although the report did not state the actual reason why this group of users would rather not purchase, and possibly hold unto tokens as digital assets, history and sentiment may have a role to play in the scenario.
In 2017, the price of most digital token rose very quickly as many of them recorded their highest ever prices. Users who purchased such tokens before the bullish run made a lot of money as investors. Shortly afterwards, from January 2018, there was a significant downturn of events in the industry. Majority of those who invested in the market lost a lot of money. This has left a lasting bitter taste in the mouth of many and affected their confidence in the product as a stable medium for storing value for a long time.
A group of people who were not necessarily affected by the fluctuating prices of digital tokens are those who simply used them for transactions. This group simply receive and spend such tokens as they come and as the need arises. Not holding for long periods did not expose them to the heavy risk of losing value, hence confidence is still intact. These once simply adopt digital tokens as cryptocurrencies.
The younger generation under review, most of whom are yet to make full entry into the financial ecosystem may not have been directly involved in the scenarios described above. However, having heard from friends and family members, or even from information available on the internet, their own sentiments have been formed as well.
This sentiment coincides with an earlier report, where an eToro survey revealed that millennials favored cryptocurrencies over traditional assets. This too is not a surprise, being that the subject matter is directly connected to a technology that is more relevant to them than the older generation.
Open-source cryptocurrency’s low age barrier to entry for young aspiring developers
Due to its decentralized and open-participation nature, cryptocurrencies are attractive to involvement from younger generations in many non-investor roles Already, they are participating in the ecosystem of emerging technology and playing key roles for that matter. A typical example of high-value participation from this generation is Pasta, who is a Dash Core Developer and co-founder of Dash Boost. Similarly, Saleem Rashid is a well-known security researcher famous for discovering flaws in various cryptocurrency hardware wallets.
The role and concerns of the present teenage generation cannot be under-estimated in this ecosystem of emerging technology. As a matter of fact, these are the ones that will navigate the entire process when things eventually mature. Apparently, Dash as a cryptocurrency is already in sync with the prevailing sentiment and remains a valuable piece of technology both for the now and the future. This makes partnerships with innovative apps such as the augmented reality treasure hunt app Aircoins, similar to a cryptocurrency-powered Pokémon Go, all the more strategic.