A Millennial Achieving Financial Freedom?
Meet Kim. She’s 25, has just entered the workforce, and has made over 100,000 USD in her last trade on Bitcoin. Kim is one of the many who have inched towards financial freedom, with careful investment and placements in safe cryptocurrencies.
In her recent interview, Kim said “It’s nice to set aside some savings which are unrestrained and theft free.” American business magazine, Forbes, revealed that millennials would rather invest in crypto than the traditional stock market.
But having stable investments are not the sole concern of these new-age millennials. There are many concerns around the quality and the safety of the investment. More millennials today join Kim in moving away from conventional banking and moving towards personal financing.
Bitcoin, a major cryptocurrency amongst a plethora of cryptocurrencies runs on an amazing technology called the Blockchain.
Now, explain Blockchain technology to a 10-year old. A blockchain is simply a combination of blocks that stores information in a decentralized pattern (In simple terms, cannot be altered once published), imagine that with Bitcoin — such that not one transaction goes without detection, making Bitcoin transactions safe & transparent.
Cryptocurrencies like Bitcoin are not centrally controlled, making it impossible to be restrained. As long as your wallet keys are safe to ONLY you, absolutely nobody, not even the banks, should have the chance to intervene with your Bitcoin.
With decreased demand for brick and mortar products, traditional financial stock markets start to lose their appeal to many, causing decline in corporate profits in the long run. The world economy runs on transactions — One person’s spending is another person’s income, this means that a decline in transactions directly results in economic recession. Alternatives needed to be sought, and what’s better than investing in a highly resilient and self-correcting Bitcoin market?
Rising Adoption of the Bitcoin
With the growing adoption of Bitcoin, banking and travel industry players have also taken major steps to adapt to the developing trend.
Bitcoin ATMs have made it to over 8000 units internationally. In Australia, people can now pay for Bitcoin at over 3500 post offices, and the central bank of Japan is launching plans to experiment with Digital Yen. In the United States of America alone, there are already over 20,000 places to buy Bitcoin for cash, including prominent convenience stores like 7–11.
The application of cryptocurrencies to daily expenditure has grown over recent years. With the convenient rise in utility, it’s no wonder a new generation of tech-savvy independent millennial financialists or even U.S banks like J.P. Morgan have started testing the full capabilities of these financial features that cryptocurrencies get to expand. Crypto asset management platforms like DigiFinex, have also launched the buying of cryptocurrencies with credit cards, allowing convenient Bitcoin transactions. DigiFinex previously collaborated with SK Jewellery, Singapore’s largest jewellery retail chain, to have its platform token, DFT, used as a payment method.
The World Rewards Curiosity
With its growing mainstream global recognition, cryptocurrency has seen more interesting demographics enter its foray. Millennials have been lucky to have watched the world digitize first-hand and have experienced the deemed normalcy back in the 1990s to a new level of fancy in our everyday lives today. Cryptocurrency seamlessly factors into this new digital age as millennials take the driver’s seat in taking the world to full digitalisation. Cryptocurrencies like Bitcoin are likely to appreciate in value as more speculators like the Millennials experiment with digital money. Millennials want to know how blockchain in Bitcoin works. They are the curious bunch. Arguably, just like gold, Bitcoin’s value is based on the belief people have in it. Despite the global pandemic, Bitcoin remains on the rise, as DigiFinex’s CXO, Kiana Shek, mentioned recently.
Millennials are essentially the speculators taking advantage of the little to no correlation of traditional financial stock markets to Bitcoin. With inflow of capital from peculiar millennials comes soaring liquidity, and with soaring liquidity, comes attractive price discovery. Bitcoin may have dramatic fluctuations, the upward trend of the market is undeniable. Nevermind the bullish or bear market, Bitcoin has steadily gained widespread recognition as the millennial generation educates themselves on the digital asset — Triggering heightened propensity in them to buy and sell Bitcoin.
Millennials Leading the Crypto Market
Major cryptocurrency, Bitcoin, has been described as a notable trend in millennial demographics where people of the younger generation are leading. Millennials are the ones experiencing the highs and lows of global modernization. Shaped by recessionary forces, millennials have nothing to fear. Comes the recent Covid-19 pandemic, millennials have been losing jobs left and right — a familiar scene as the year 2020 brings about a déjà vu of the 2008 global financial crisis. As The Washington Post reported,
“Millennial employment plunged by 16 percent in March and April this year. […] That’s faster than either Gen X (12 percent) or the baby boomers (13 percent).”
Trashed by the economic recession of recent months, millennials are hungry for new ideas to seek alternatives to a Nine-to-Five. Importantly, millennials are eager for side hustles that could free them of the conventional rat race that everyone is after. Millennials are the eccentric bunch, they are tech-savvy, and they desire to be different. Millennials are essentially, The Changemakers.
Millennials are inching towards financial freedom. They want to be like Kim, and invest in safe cryptocurrencies on a crypto asset management platform that is beyond a wealth companion.