A recent report released by Coinbase has shed light on the disillusionment of younger generations, specifically Gen Z and Millennials, with the traditional American dream and the financial system. The report reveals that young Americans are more willing than their older counterparts to explore unconventional paths to financial independence, such as cryptocurrency.
The study suggests that young people perceive the American dream as increasingly unattainable, largely due to factors like high housing costs, inflation, and an outdated financial system. Instead of following conventional routes, they are actively seeking out new models of work, ownership, and finance that are more flexible and do not rely on legacy intermediaries.
As a result, younger generations are actively immersing themselves in the world of crypto in search of fresh economic prospects. They believe that technologies like cryptocurrency have the potential to modernize the system and offer a rejuvenated version of the American dream. This mindset is reflected in the report’s findings, which show that almost 38% of young people see crypto and blockchain as providing economic opportunities beyond traditional finance, compared to only 26% of older individuals.
Furthermore, the report indicates that 31% of young people currently own cryptocurrency, whereas only 12% of older generations hold digital assets. Younger individuals also show greater interest in crypto as a global currency, with 16% expressing interest compared to 10% among older individuals. Additionally, 38% of younger generations anticipate cryptocurrency as the future of finance, compared to 28% among older generations.
It is worth noting that young people are not only investing in crypto but also studying it at school, recognizing its potential for future job prospects. Looking ahead to the 2024 elections, they express a desire to vote for forward-thinking candidates. With Millennials and Gen Z making up approximately 40% of the current voting-age population, they are set to become the majority by 2028, according to Brookings Research.
The report also reveals that a considerable portion, 51%, of young people are willing to support candidates who are favorable to crypto in the upcoming elections. Additionally, 39% believe that politicians and policymakers should endorse technologies like cryptocurrency and blockchain to benefit future generations, a view shared by only 28% of older Americans.
This growing interest and involvement in crypto among young Americans signals a potential shift in the financial landscape. As members of Gen Z and Millennials continue to explore alternative paths to financial independence, the traditional American dream may evolve to encompass new opportunities offered by cryptocurrencies and decentralized finance.
In conclusion, the Coinbase report highlights the disillusionment of younger generations with the traditional American dream and the financial system. Young Americans are increasingly turning to alternative paths, such as cryptocurrency, to achieve financial independence. They view crypto as a means to modernize the system and embark on a rejuvenated version of the American dream. With their growing interest and involvement in crypto, younger generations are poised to shape the future of finance and potentially disrupt the existing financial paradigm.