Blockchain Technology is already taking the world by storm. The rise of cryptocurrencies such as Bitcoin, Ethereum, and even Ripple are leading the charge. As of the end of this past October, the primary coin offering market raised $3 billion and the year is not over. This number is more than seven times the amount generated in crowdfunding in all of its previous years before 2017. In fact, Bloomberg recently reported that the Google searches for “buy bitcoin” has officially surpassed the searches for “buy gold.” The chairman of Fidelity, Abigail Johnson said: “blockchain technology isn’t just a more efficient way to settle securities, it will fundamentally change market structures, and maybe even the architecture of the internet itself.”
The Rise of Millennial Interest
The growth in demand for blockchain technology and cryptocurrency can be attributed to interest generated by the United States’ largest generation, millennials. According to Deloitte, predictions state that by 2020 millennials will make up fifty percent of the workforce and control between $19 trillion and $24 trillion. Millenials have shown interest in investing and are more likely to be aware of their brokerage account fees than the other older generations according to Charles Schwab’s Modern Wealth Index.
With that in mind, it is no surprise that millennials were amongst the earliest adopters of the blockchain technology. Blockchain Capital conducted a poll which revealed that a significant portion of millennials preferred $1,000 in Bitcoin as opposed to $1,000 in other alternative assets. The most interesting fact about these findings is that only four percent of the millennials who took that poll actually owned or had previously owned Bitcoins. This statistic proves that there is a tremendous audience for bitcoin which could raise its prices even further.
A study recently showed that millennials, along with more wealthy consumers, see the most promise in digital currencies such as Bitcoin. The research also concluded that, for this reason, they would be the driving force that prompts mainstream adoption of the digital currency in the future.
As mentioned before, millennials are reshaping a number of old paradigms. Millennials, more than other demographics, rent housing instead of owning, in efforts to stay mobile. They are more likely to receive news through social media such as Twitter rather than television. Adopting blockchain technology and utilizing cryptocurrencies may be something which Millennials contribute to future generations. Their continued interest is increasing demand; Blockchain technology may become the new normal, and the Millennial generation may be the driving force behind it.