The traditional American dream of owning a home, having a stable job, and saving for retirement seems less attainable for many younger generations. Faced with high housing costs, inflation, and an outdated financial system, they are looking for alternative ways to achieve financial independence and security.
One of the most popular and promising alternatives is cryptocurrency, a digital form of money that is decentralized, transparent, and accessible to anyone with an internet connection. According to a new report by Coinbase, the leading cryptocurrency exchange in the US, young Americans are more open to crypto than older generations, and see it as a way to modernize the system and create new opportunities.
The report, based on a survey of over 2,000 US adults, reveals some interesting insights into how young Americans view crypto and its potential impact on the future of finance. Here are some of the key findings:
- Young Americans are more likely to own crypto than older generations. 31% of Gen Z and Millennials (aged 18-40) say they own cryptocurrency, compared to only 12% of Gen X and Baby Boomers (aged 41-75).
- Young Americans see crypto as offering economic opportunities beyond traditional finance. 38% of Gen Z and Millennials say crypto and blockchain can create new economic opportunities for them, compared to 26% of Gen X and Baby Boomers.
- Young Americans are more interested in crypto as a global currency. 16% of Gen Z and Millennials say they are interested in crypto as a way to connect with people around the world, compared to 10% of Gen X and Baby Boomers.
- Young Americans anticipate crypto as the future of finance. 38% of Gen Z and Millennials say they expect cryptocurrency to be the dominant form of money in the future, compared to 28% of Gen X and Baby Boomers.
The report also shows that young Americans are not just passive consumers of crypto; they are also active learners, creators, and advocates. They are more likely to study crypto at school, recognize its job potential, and support candidates who are favorable to crypto in the upcoming elections.