A recent CNBC Survey that polled investors with minimum assets valued at $US1 Million has provided some interesting information about how the world is changing and how Millennials invest their money and earn their wealth.
Of the respondents 83% of Millennial investors omitted to investing in Crypto currency and would continue to do so into 2022. Baby Boomers were also polled with a staggering disparity emerging with only 4% of Boomers holding Crypto currency as an investment. The majority of Millennials planned on increasing their investments followed by holders and only a small portion 6% were planning on reducing their Crypto portfolios source
It is a clear sign that the current system is failing youth as they now have an opportunity to leave the current system and enter a new financial market that better suites their needs and provides opportunity. However, Crypto currency in it's current form still brings with it a significant amount of risk due to it's high volatility and risky environment.
Labor Shortage leads to Crypto payments
A Labor shortage in the United States is also driving companies to offer new incentives to attract staff with one company now offering to pay staff in crypto currency. Despite the volatility of the market Millennials are still up for accepting the risks in the hopes for stronger future gains through holding their tokens.
Traditional fiat currency doesn't provide the opportunity to 100x and many are at the whim of low interest rates so returns on their fiat currency are non existent. However many Millennials believe if they hold crypto for the long term they will gain more in value thus providing the opportunity to retire or purchase the item's they want.
The Boomer Technological Barrier
From anecdotal evidence that I have been gathering a large portion of Baby Boomers are not against crypto currency with many sharing the same frustrations with the current economic system and too wanting a change and new opportunities. However, less tech savvy generations including Gen Xers are feeling left out due to the complex nature of Crypto Currency investment.
Many Boomers I have spoken too recently lay in wait for an easier to use UI that will enable them to handle the majority of their trades and wallets. At current Crypto currency is still very much created on separate chains requiring multiple wallets and less than easy to use UI's that seem to put of boomer investors.
NFTs Become a Focus for Mainstream Artists
Also mentioned in the news segment above is the growth within the arts sector that is seeing a lot more mainstream artist commence joining the NFT market as it enables artists to retain IP of their art and earn a passive income as their art work is traded person to person.
With the current housing market crises which appears to be impacting a large portion of Millennials globally and the increase in inflation and rates it's no doubt that the disenfranchised youth will seek a new and alternative way to increase their wealth and "make it" in this world in anyway they can.
If many Millennials are wishing to continue to grow their net holdings in the crypto market then we could potentially be seeing the emergence of a new age of financial management systems and a new economic model.
Only time will tell!
Image sources provided and supplemented by Canva Pro Subscription. Skippy artwork crested by me and is of a future NFT . This is not financial advice and readers are advised to under take their own research or seek professional financial services