The lure of making a quick buck by investing in risky assets has always been appealing for young people. Why not, right? Why not jump in and see if you can make some money? Thanks to our digital world today, the ability to do just that is easier than ever before. The opportunity sits just there in the palm of your hand. With just a few clicks on your phone, you can be trading thousands of dollars’ worth of assets.
Today, the investment of choice for young people is cryptocurrency. According to a recent report, 94 percent of all cryptocurrency buyers are Gen Z or Millennials. Gen Z are the age group born between the mid-1990s to early 2000s. They grew up online, from playing games and texting friends to meeting new people virtually. Living life in the digital world is natural for them.
What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that is secured by cryptography. This technology makes it nearly impossible to counterfeit. Many of these currencies are decentralized networks based on blockchain technology. Over cryptocurrencies 13-year existence, there has been much speculation about the viability of it.
What’s Driving the Growth of Crypto?
While the future of things surrounding cryptocurrency like Bitcoin are still being decided, there are certain things about it today that are clear. The pandemic, for example, accelerated the growing trend of young people trading crypto and NFTs (non-fungible token). Young people sitting at home and an extreme level of volatility in the marketplace created the perfect condition for cryptocurrency to take off with this generation.
The Power of Financial Influencers
Advice on anything and everything in our world today is readily available on platforms like Reddit, Twitter and YouTube. Many young wannabe traders seek out information on these platforms about cryptocurrency from crypto influencers. The risk for young people is making sure they’re listening to influencers who also dive into the risks of cryptocurrency.
“The crypto market never sleeps so people literally get sucked into it,” says Resh Chandran, who offers training in cryptocurrency and NFT trading in Singapore. It’s important for young people to know the ins and outs, the risks and rewards and protect their financial future.
Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated cryptocurrency payment processors in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.