Topic: A majority of Gen Z investors think crypto will make them millionaires (Read 427 times)

This is precisely what is dangerous about the current bull run.

These people are entirely missing the point of crypto.

Crypto isn't a tool to make you rich or anything like that, but rather a store of value and a hedge against the fiat economy. It's not a sexy get rich quick tool no matter how many people seem to love that idea.

Don't be surprise if this is what new generation thin about it since this is what information feed them by some social media influencer and little part is the hype brought by the mainstream media especially when there's a bull market run happening. That's why we also see that many new got scam since they think about that the platform they invest their money can give them huge wealth or can make it as passive income generator.

It's because of all these crypto influencers that flex and flaunt their cash, their trades and brag about how they wake up at 5 am is causing all of this false belief that cryptocurrencies are a gateway to making lots of money in a short time, these egomaniac people impose a belief that everyone can be a millionaire and that cryptocurrency will change their life but we all know better than that and we know that it's not the case. There's no cure or solution to this problem, the people who believe these narcissists have to experience a big L and hopefully have some reflection and self discovery will spark among them that will make them think that what is effective for others might not be for me.

Honestly this topic is on point, I was brainwashed with changing my life in one swing shot at crypto this year and I was sitting on huge gains but the idea of making it big seized me down thinking I deserved more and I watched the good money slowly faded away, I invested 2000$ and made 22,000$ and still failed to take profits, now the profits are gone I ended selling at 4000$ when I can't stand it anymore

Very nice to see that generation Z believes so strong in crypto currencies. Being optimistic about the future of Bitcoins is good. I am sure we will see a rising number of crypto millionaires in the near future. But we should also be realistic with our expectations because just buying a few crypto coins is not going to make them millionaires. Sure there are some who invest heavily and will make it, this of course also requires luck. How could a large part of a generation become millionaires, this would only happen if the purchasing power of the money drops rapidly. To become very rich it requires sellers on the other side to actually sell their goods for it. This requires a large number of merchants with the will and means to buy all those cryptos.

Everyone wants to become rich while putting in a minimal amount of effort, but for 99.99% of people who become rich it is a long and slow road to success rather than waking up one day having bought a cryptocurrency at 0.00001 and having it run up to 0.01 to multiply your money by hundreds of percentage. Even then, people often don't realize that you need lots of money to make money and it can involve huge risk which people are generally very bad at calculating. I'd much rather keep putting money into an investment earning 10% per year consistently, than putting money into an investment which could double but is highly likely to collapse to a fraction of the original investment. Younger generations do have an advantage of time however, which allows them to take more risk and learn from previous mistakes over time.

Very nice to see that generation Z believes so strong in crypto currencies. Being optimistic about the future of Bitcoins is good. I am sure we will see a rising number of crypto millionaires in the near future. But we should also be realistic with our expectations because just buying a few crypto coins is not going to make them millionaires. Sure there are some who invest heavily and will make it, this of course also requires luck. How could a large part of a generation become millionaires, this would only happen if the purchasing power of the money drops rapidly. To become very rich it requires sellers on the other side to actually sell their goods for it. This requires a large number of merchants with the will and means to buy all those cryptos.

Plus, they are capable of building their own tokens as well, they are hyped about it and that means we are talking about making some profit by selling their own tokens or NFT's these days. It is totally possible, not all of them have 10 bucks.

Crypto investment is different from fiat business which you cannot predict and start seeing the results coming instantly. Crypto investment has rules and regulations that guide the community which you must have to obey before you can achieve something from your investment. For you to become a millionaires in crypto investment you must have all the experience how to use long term and short term investment to make a huge amount of money.
If you are used to crypto trading in the community you will know that, it take a long process for anyone to become the richest man in the country with crypto investment. Crypto can help you to improve your capital and boost your knowledge which will enable you to understand crypto investment very well in the community.

Just a few success stories are enough to convince them otherwise, because it is not only about someone investing $10 or $100 in some altcoin that will then experience a real boom in the next few years, but these people are encouraged to be enterprising and create some cryptocurrency which they will then try to sell to others as the next big thing. Judging by the number of cryptos that, according to CMC, have exceeded 15 000 at the moment, I believe that many of them are going in that direction.

Money drives the world, the crypto market is no exception, and the sooner they realize it, the better for them - otherwise, there will be many who will be left with empty pockets and with great disappointment.

I mean, are they wrong? Considering how the previous generations ended up saving their money and buying boring stuff and still ended up being millionaires, I am guessing that the current generation found theirs and will get it. What you gotta realize is that all of that money has to go somewhere, people who are 70+ years old right now will not end up living forever, they are going to pass away in 3-5-10-20 or whatever years, which will go towards next generation and that will go to next and next and that is how the system works.

Yeah, When the gen Z will be the next future leader of our country and the old generation has been replaced by them, the development of Bitcoin and others crypto will be guarantee because the majority think this is the answer for them to be richer than before.

I mean, are they wrong? Considering how the previous generations ended up saving their money and buying boring stuff and still ended up being millionaires, I am guessing that the current generation found theirs and will get it. What you gotta realize is that all of that money has to go somewhere, people who are 70+ years old right now will not end up living forever, they are going to pass away in 3-5-10-20 or whatever years, which will go towards next generation and that will go to next and next and that is how the system works.

This is precisely what is dangerous about the current bull run.

These people are entirely missing the point of crypto.

Crypto isn't a tool to make you rich or anything like that, but rather a store of value and a hedge against the fiat economy. It's not a sexy get rich quick tool no matter how many people seem to love that idea.

I'm amazed by the fact they don't understand that they will not become millionaires unless someone who HAS millions will help the market grow to the level they need for them to get rich.
If a bunch of kids with 10$ in their pocket will be the only investors that will be the price of Bitcoin also, you need money, serious money for the price to move, for god's sake we need $50 million a day just for the newly minted coins, without serious backers, there is no way somebody who invests 100$ will ever manage to get even $1000.

So unfortunately for the daydreaming generation Z, they will need a lot of poeple from generation A to get their dreams even 1% close to fulfillment.

or, what is even worse, everyone will be a millionaire and the the world will go into an hyperinflation until everyone is again... poor.

You see, in Spanish, Million is similar to "millon" and means the same, however "aire" means air. So, Millionaire would be a million ... airs.

Now here's the thing about those Gen Zs thinking they can become millionaires by dabbling in crypto:  Some of them really are getting extremely wealthy by taking those risks the article talked about and investing in not only dogecoin but all sorts of altcoins and experimenting with oddball stuff like NFTs and such.  So it's not as if they're out of their minds by believing in crypto as a cure for their financial woes, because when doge hit its ATH you know a bunch of people had to have just gotten rich.

One thing I'm hoping for is that when the Gen Zs grow up and become our future politicians, they retain their fondness for cryptocurrency and don't try to regulate it to death (if that hasn't happened by the time the new generation gets elected to positions of power).  I also think it's a great thing that youngsters have such a positive view about crypto.  I don't understand that whole "pro-government" stance that I quoted above (if it's true), because part of the reason bitcoin is so valuable is because of all the damage governments have done to fiat currency and the world economy in general.

And what's up with that second statement about diversity?  It's really got nothing to do with the poll, and the injection of identity politics into a financial article really, really seems icky to me.  Is there nothing in the media nowadays that isn't laced with this crap?

I would rather look at the fact that these young people, no matter what letter they are marked, live in a large percentage in a world of illusions where they can solve all their problems just by looking at small and large screens showing various charts and figures that will turn them into millionaires.

When I see surveys like this, I always wonder how representative they truly are. The article's also written in quite a cherry-picking way. For example, take a look at a simple one-page summary of the survey, and you'll see that the article doesn't mention that on the question of investment instruments, the most popular response for Gen Z is actually stocks, and the same goes for millennials. Also, real estate is almost as popular among Gen Z and millennials as cryptos are, and a slightly higher percentage of millennials than of Gen Z chose cryptos. Given this summary, it doesn't really look like Gen Z is so special, really, and that cryptos are so popular among them.

All the years that are determined by Generation Z are associated with the development of computer technology. And of course, here one cannot but recall bitcoin and cryptocurrencies. The youngest areas of technology, of course, fall on the age of young people. And I agree that there will be many millionaires among them, but it's hard to imagine that among all of them. Only those who have the time and desire to study, to develop their knowledge and experience will become a gatherer. Even today, investing in bitcoin and managing these investments correctly for several years promises profit to young people.
But to round off that they are all sitting on sofas, and without acquiring any knowledge, but only hanging out on social networks and in online games, they will become rich, I think this is ridiculous.
The one who makes great efforts to his win always wins.

Its unforgiving but what's amazing is that even after a price correction, Gen Z is still are there buying more. Everybody learns when people say buy the dip.

That's because there's a lot of influencers on the Internet preaching that cryptocurrencies is the number one solution to someone's problem, I mean those people shill shitcoins and it's not far from thinking that some Gen Z kid would see that video and think that they might be able to make a living out of this cryptocurrencies when in reality, the market is unforgiving.

That's because there's a lot of influencers on the Internet preaching that cryptocurrencies is the number one solution to someone's problem, I mean those people shill shitcoins and it's not far from thinking that some Gen Z kid would see that video and think that they might be able to make a living out of this cryptocurrencies when in reality, the market is unforgiving.

Huh.  I didn't know Gen Zs were strictly US citizens.  Is that even true?

And what's up with that second statement about diversity?  It's really got nothing to do with the poll, and the injection of identity politics into a financial article really, really seems icky to me.  Is there nothing in the media nowadays that isn't laced with this crap?

Good; that means that as they grow older they're probably likely to become anti-government and more skeptical about the things they were brainwashed with as youths.  At least I hope that's the case, because if it isn't we're in some serious trouble.

Now here's the thing about those Gen Zs thinking they can become millionaires by dabbling in crypto:  Some of them really are getting extremely wealthy by taking those risks the article talked about and investing in not only dogecoin but all sorts of altcoins and experimenting with oddball stuff like NFTs and such.  So it's not as if they're out of their minds by believing in crypto as a cure for their financial woes, because when doge hit its ATH you know a bunch of people had to have just gotten rich.

One thing I'm hoping for is that when the Gen Zs grow up and become our future politicians, they retain their fondness for cryptocurrency and don't try to regulate it to death (if that hasn't happened by the time the new generation gets elected to positions of power).  I also think it's a great thing that youngsters have such a positive view about crypto.  I don't understand that whole "pro-government" stance that I quoted above (if it's true), because part of the reason bitcoin is so valuable is because of all the damage governments have done to fiat currency and the world economy in general.

Gen Z, a group of about 72 million people in the US born between 1997 and 2012, is the most diverse generation in American history in terms of race, ethnicity, and sexual orientation.

Broadly, this generation is progressive, pro-government, and activist-minded.

It sometimes seems crypto is minting new millionaires by the day, particularly those with the stomach to dabble in the risky world of altcoins. The most famous of these — like doge and shiba inu — have produced some eye-watering returns in 2021.

It's no surprise then that investors are flocking to the space with dreams of quick riches, and Gen Z investors, in particular, think crypto will make them millionaires, a recent study by research and data analytics firm Engine Insights showed.

Nearly two-thirds — 59%  — of Gen Z respondents to the survey believe they could become wealthy by investing in cryptocurrencies.

"This generation has a greater acceptance and comfort with all things digital, so not surprising that would be more comfortable with crypto," Kathy Sheehan, SVP at Cassandra, a division of Engine, told Insider. "This generation has a lot of concerns about debt and finances."

A confluence of factors, from the rising costs of real estate to college education could be to blame, Sheehan told Insider. Inflation reaching 30-year highs has only reinforced the appeal of crypto as the weakening of fiat money dominates headlines.

"They feel that everything financial is harder for them than it was for previous generations," Sheehan said. "Couple that attitude with more of an appetite for risk, it is not surprising that they are hoping for a quick fix or return."

Gen Z, a group of about 72 million people in the US born between 1997 and 2012, is the most diverse generation in American history in terms of race, ethnicity, and sexual orientation.
Broadly, this generation is progressive, pro-government, and activist-minded. They have also grown up in a period of watershed cultural moments including #MeToo and the post-George Floyd era, weathering a disruptive global pandemic on top of it all.

The survey, whose findings are based on responses from 1,027 people in November, also found that if offered $2,000 to invest, Gen Z respondents are three times more likely to buy digital assets compared to baby boomers, and twice as likely to consider virtual currency a "legit currency."

The crypto market has fluctuated wildly this year but has generally been trending higher. The crypto market capitalization hit $3 trillion recently.

Bitcoin has gained 100% since the start of the year, while ether is up 480%. Meme coins have had it better, with dogecoin rising 4,835% year-to-date and shiba inu skyrocketing 63,490,000%.
Many retail investors poured multiple rounds of government stimulus checks into stocks and crypto, helping fuel the surge in both markets seen during the pandemic.


https://markets.businessinsider.com/news/currencies/gen-z-crypto-survey-bitcoin-ether-dogecoin-cryptocurrency-investing-2021-11