When looking for the interest in Bitcoin and other cryptocurrencies, there are always a number of surveys that expel the virtues of the digital currency and which demographics are most interested in it — it is always the millennials. Those older than the millennial generation are still stuck in their ways, but the millennials are the perfect generation for this digital currency revolution.
However, millennials are starting to get on in life now, and there is a new generation coming to an age when they will be looking at big purchases, savings, and other, probably new ways, to keep and store wealth and assets.
If Bitcoin is made for millennials, does it translate to the new generation which will be making a big impact in the economy in the coming decade? Bitcoin has had a decade to capture the millennials, but has it done enough to be established in order to work for Generation Z as well?
The rise of Gen Z
According to the New York Post, Gen Z is bigger than the millennial demographic. They are a generation that makes up about 30 percent of the US population, and as these teenagers turn into 20 somethings, there is going to have to be a change in attitude about how things are done.
Gen Z is a generation that likes the world to change, they are proactive and rights driven, but in terms of finance they won’t be actively investing due to a lack of income and savings. But the desire to change the world and to be politically active could extend to changing the way they accumulate wealth.
Bitcoin was created to be a new type of finance that was intended to change the financial norm after the 2008 financial crisis. People back then realised that the way thighs were operating was not good enough and things could not carry one in the same manner.
There have been some changes, and some of that is down to Bitcoin as the blockchain space is pushing out towards CBDCs and these traditional spaces are understanding the importance of digital. But, is Bitcoin big enough and powerful enough to make the impact Gen Z wants?
Bitcoin started out as anarchistic and a disruptive financial revolution, but it has bent towards being more compliant and fitting the current model as part of its desire to be adopted and further utilized in the mainstream. This still suits the millennials as they are happy to see something slightly different and more people orientated, even if it is regulated to an inch of its life.
The same might not be said for Gen Z who are far more politically active and aware of the need for things to change dramatically and for new systems and processes to be built. However, Bitcoin contains all the necessary potential to be a system that could suit Gen Z, but the battle will be between them and the established order with Bitcoin as their weapon.
Bitcoin may well be driven back to its more anarchistic roots, and the financial systems being built off of blockchain that are not entirely decentralised or permisionless, and are subject to regulations and compliance may not be all that well received in the next 10 years.