Representatives of Generation Alpha will use bitcoin in everyday life
Three reasons Bitcoin will outperform the banking system
The main Bitcoin hodlers are the baby boomers
International consortium of news organizations developing transparency standards.
A generational change will have a positive impact on cryptocurrency adoption. This confidence was expressed by the analyst Sylvain Saurel. He cites three reasons why the new generation will choose bitcoin over fiat money..
Banks will not be able to compete with bitcoin
Gen X is already being replaced by millennials, as well as Gen Z and Alpha, who are enforcing new rules. And if today millennials still have some doubts about bitcoin, then Alpha representatives will use it as a common means of payment. Analyst Sylvain Saurel stated this in his article..
The adoption of bitcoin and the transformation of the existing banking system will be facilitated by three main reasons that Saurel cites.
Reason 1. Ease of use
More than half of children over 6 are already well versed in technology and use smartphones without difficulty. They can order games and toys from the store, pay for subscriptions to various services, exchange messages and chat with friends via Zoom. This means that the use of digital money will become as common for them as bank cards or cash for Generation Z, Y, X.
Representatives of the Alpha generation will not go to the bank with a bunch of documents to open an account. They just need to download a bitcoin wallet, buy coins with their parent credit card and start using them right away.
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“For millennials, opening a bank account has become painful and many are trying to move towards solutions with much less red tape. Generation Z and Generation Alpha members will prefer to move towards systems without red tape, ”writes Saurel.
The Alpha generation will prefer to manage their finances only with a smartphone, and this must be taken for granted..
Reason 2. Availability of bitcoin
The life rhythm of modern people is accelerating. Today, even millennials find it problematic to wait for their turn to see a doctor or a response from a bank about the possibility of issuing a loan. Modern young people want to get everything at once. Cryptocurrencies do just that. You can pay for goods using digital coins in a matter of seconds. You can get a DeFi loan yourself, without leaving your mobile phone.
“For Gen Z, everything has to be instant. 5G will help them do just that. When they want to make a bank transfer to the other side of the world, they do not understand why they have to wait from 2 to 5 days with the SWIFT interbank payment system, ”says Zaurel.
Generation Alphas will easily abandon the banking system because it is too slow. Five-day branch schedules, lunch breaks, and endless customer loops are not for Alpha. They want to solve their problems instantly, without wasting time waiting.
Reason 3. Freedom of use
The cult of freedom is being promoted in the world today. Freedom in thoughts, actions, lifestyle, clothes, etc. This trend will be key for the Alpha generation as well. Modern children already understand that fiat money does not belong to them. They belong to the state represented by banks, tax services, various funds, etc..
Bitcoin, like other cryptocurrencies, does not belong to absolutely anyone except its holder. This means that representatives of the Alpha generation will easily choose the money that other structures will not apply for. Another plus is privacy. Teens-to-be will not have to share personal information, which will preserve their privacy.
“Finally, Gen Z is already well aware of the shortcomings of the current monetary and financial system. They understand that past generations have abused this system and that they have to pay for it, ”says Saurel.
Who chooses bitcoin today
Speaking about the future adoption of bitcoin, Saurel emphasizes that representatives of generations Z, Y, X are still skeptical about this asset. However, research by cryptocurrency investment firm River Financial Inc. refute this. On the contrary, today the main bitcoin hodlers are precisely the representatives of the baby boomer generation, who grew up in a conservative time..
“Since March, bitcoin boomers have accounted for 77% of River Financial’s volume growth. This indicates that Bitcoin is becoming more and more popular, ”said Alex Leishman, co-founder and CEO of River Financial..
River Financial says demand from older clients is increasing. Unlike many cryptocurrency brokers, River Financial only works with bitcoins. The company also explains that the boomers’ decision to invest in cryptocurrencies was largely influenced by the crisis caused by the coronavirus epidemic. Against the backdrop of falling stock and commodity markets, cryptocurrencies have shown incredible resilience and a quick recovery even after a serious crash.
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