When it comes to investing among millennials, traditional stocks take a back seat to Bitcoin and other cryptocurrencies.
A LACK OF TRUST IN WALL STREET
While many older individuals see the volatile cryptocurrency market as proving too wild for their taste, millennials prefer to put their money in Bitcoin and alternative cryptocurrencies (altcoins) – as opposed to established stocks and bonds.
As is the case with this writer, many millennials have become disillusioned with the traditional stock market after the 2008 financial crisis – which happened while many millennials had only recently finished high school.
According to MarketWatch, over 82% of millennials claim their investment decisions are influenced by the economic crisis, which saw important players of major banks receive generous bonuses after nearly bankrupting the economy by losing $14 trillion in wealth. Many people lost their jobs, while also losing large portions of their personal wealth.
Because of this formative financial influence, millennials simply don’t trust the stock market. According to one study:
''Just 33% of millennials say that they own stock, compared to 51% of Gen Xers (ages 36-51) and 48% of Baby Boomers (ages 52-70).''
Another study asked participants where they would invest $5000 if they could only put it in one place. Unsurprisingly, 13% of millennials chose cryptocurrency, compared to just 3% of those between the ages 45 to 64. Bitcoin proponent Julia-Carolin Zeng claims this is largely due to the financial crisis, stating:
''Bitcoin’s anti-establishment roots and decentralized system brings with it the hope for a new economy that puts people over corporations. This is an extremely appealing message to millennials who watched their job outlooks dwindle as the financial crisis unfolded in tandem with their first-ever entry into the job market.''
Source: http://bitcoinist.com/millennials-much-more-interested-in-crypto-could-care-less-about-stocks/
A LACK OF TRUST IN WALL STREET
While many older individuals see the volatile cryptocurrency market as proving too wild for their taste, millennials prefer to put their money in Bitcoin and alternative cryptocurrencies (altcoins) – as opposed to established stocks and bonds.
As is the case with this writer, many millennials have become disillusioned with the traditional stock market after the 2008 financial crisis – which happened while many millennials had only recently finished high school.
According to MarketWatch, over 82% of millennials claim their investment decisions are influenced by the economic crisis, which saw important players of major banks receive generous bonuses after nearly bankrupting the economy by losing $14 trillion in wealth. Many people lost their jobs, while also losing large portions of their personal wealth.
Because of this formative financial influence, millennials simply don’t trust the stock market. According to one study:
''Just 33% of millennials say that they own stock, compared to 51% of Gen Xers (ages 36-51) and 48% of Baby Boomers (ages 52-70).''
Another study asked participants where they would invest $5000 if they could only put it in one place. Unsurprisingly, 13% of millennials chose cryptocurrency, compared to just 3% of those between the ages 45 to 64. Bitcoin proponent Julia-Carolin Zeng claims this is largely due to the financial crisis, stating:
''Bitcoin’s anti-establishment roots and decentralized system brings with it the hope for a new economy that puts people over corporations. This is an extremely appealing message to millennials who watched their job outlooks dwindle as the financial crisis unfolded in tandem with their first-ever entry into the job market.''
Source: http://bitcoinist.com/millennials-much-more-interested-in-crypto-could-care-less-about-stocks/
"Puts people over corporations"? Really? That was what I initially thought of when I entered Bitcoin but then things began to change when whales came by to unduly control the market. There is certainly the presence of big corporations in Bitcoin and other cryptocurrencies alike mainly because it is their only way to take back control once again. They do it in the stock market, they do it again in the cryptocurrency market. That is how business works. They desire control all the time because it is their business's growth they are primarily concerned of. When they put in money in these investments, the crypto market gets better. When they remove money in the same investments, the crypto market gets worse. That is just a simple cause and effect scenario. They need this to gauge how the market is being affected by their trial and error to know how good their offerings are in terms of popularity. So you see, that statement above is pretty inaccurate in this day and age.
