There’s little doubt that cryptocurrency is soaring in popularity, and the odd thing is that most people still know so little about it. While millions of people are wanting to jump in on the trend and buy Bitcoin and other virtual currencies, it seems that most of the newcomers to the field are young people. Of course, it isn’t just young people who are buying into this type of currency, but it does seem like most of the current and brand-new investors tend to be young people. A quick look at why this is so reveals the following reasons:
- They Are Used to Economic Instability
Let’s face it, the economy has had its share of bumps and bruises over the past 20 or so years, and this has not gone without notice in the millennials sector. The truth is, young people in their 20s and 30s are used to ups and downs when it comes to the financial health of the country and the world, so they are not nearly as afraid of this as older people are. At one time, there seemed to be many more ups than downs in the economy, but in today’s unpredictable world, that is not always the case.
Millennials don’t overreact as much as older people do to a bad economy, so they consider buying virtual currency worth the risk in the long run.
- They Are Comfortable with Technology
Unlike older people, young people do not freak out when it comes to using technology. Let’s face it, they grew up with technology, which includes computers, smartphones, and all things virtual. For them, deciding to buy Bitcoin is just another virtual or digital activity that is no different than the other virtual activities they participate in. Technology is no big deal to them, so they don’t even consider buying cryptocurrency any different from a nonvirtual activity or investment.
Young people also have more time than old people do to recoup their losses if they find they’ve made a mistake when it comes to a particular investment, making it easy for them to choose this option.
- They Have Been Greatly Influenced by Social Media
People in their 50s and older are not nearly as influenced by social media as young people are. In fact, it’s been proven that if you market to young people on social media, this is one of the smartest ways to promote your business. Virtual currency companies are no different. They know that not only are young people visiting social media pages regularly, but they are also soaking in everything social media outlets are telling them.
Many millennials will visit a social media page such as Facebook before visiting a business’s website. That’s how powerful social media is when it comes to young people, so it’s smart for virtual coin companies to market this way.
- They Are More Willing to Take Risks
For lots of obvious reasons, millennials are more willing to take risks than older people are. This is mainly because they know they have more time than older people to recoup their losses should their investments not pan out. It’s also because, as a general rule, younger people aren’t as afraid of taking risks as older people are. Older people who lived through hard economic times are naturally more afraid of making a mistake with their investments, but younger people simply haven’t lived through something like the Great Depression, so they are much less nervous about making a huge investment, even if they don’t know everything about it.
- They Appreciate Anything That’s New and Exciting
The virtual currency world is still relatively new, and millennials especially think it’s terribly exciting. Anything new and exciting is naturally going to attract tons of young people, and cryptocurrency is no different. A lot of young people who set out to buy Bitcoin and other virtual coins originally did it because they knew it was brand-new and like nothing else. Now, a lot of them are buying it because they feel like the market for cryptocurrency is going to explode in the future.
But one of the main reasons why young people love buying virtual coins is simply because they consider it something that gives them a thrill.
