A recent report from Coinbase delves into the evolving perspectives on finance among younger demographics, including Gen Z and Millennials. These younger individuals seem to be growing skeptical of the conventional American dream and the existing financial system. The findings suggest they are more inclined towards alternative financial avenues like cryptocurrencies than their older counterparts.
The study suggests several reasons for this shift in mindset: increasing housing prices, inflation, and a perceived outdated financial system. Instead of adhering to traditional approaches, many are devising innovative ways of working, ownership, and financing. They’re leaning into more agile models that aren’t tethered to established intermediaries.
This adventurous spirit among younger generations is reshaping the economic landscape. With technologies such as cryptocurrency, they’re laying the foundation for a revamped financial infrastructure and a reimagined American dream. The study reveals that 38% of younger folks see the potential of economic opportunities in crypto and blockchain, outpacing the 26% from older demographics. Additionally, 31% of them possess digital currencies, a stark contrast to the 12% of older individuals. Their enthusiasm is further highlighted by the 16% who view crypto as a potential global currency, compared to the 10% from the older bracket. About 38% foresee crypto taking over the financial world, while only 28% of their older counterparts feel the same way.
But their engagement isn’t limited to mere ownership. Many young individuals are actively educating themselves about cryptocurrencies, recognizing their career potential. Their political inclinations are also affected, with many eyeing candidates who have a progressive stance on crypto for the 2024 elections. As per Brookings Research, by 2028, Millennials and Gen Z are projected to make up the majority of the eligible voting population. The Coinbase report indicates that 51% are likely to back candidates who are pro-crypto in the upcoming elections. Additionally, while 39% of them advocate for political endorsement of crypto and blockchain for the sake of future generations, only 28% of older Americans resonate with this sentiment.
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