Why Millennials Stashing Money Into Bitcoin?
Across the board, celebrities like Ashton Kutcher and billionaire investors like Mike Novogratz are choosing to put their money away in bitcoin. Those who chose to get in early have made millions and as the discussions go on regarding the safety and practical uses of cryptocurrency, many are choosing to get in on the idea of a future without cash.
Currently, it is a small amount of Americans that have chosen to buy, sell, and trade bitcoin via smart phones or computers. In addition, many millennials are buying bitcoin as a way to save for their futures and investing for the long-term. Some are saying that bitcoin could take over the country’s financial institutions and help to reform the economy for time to come.
One 20-year-old Roshaan Khan, a senior at Virginia Commonwealth University, is one of those millennials. He has recently spent his time and money learning and investing in bitcoin as well as ethereum (a similar digital currency), and has told his friends that they should do the same.
Khan stated that “All of my net worth is in cryptocurrencies, because I see them as the best way to escalate my ability to be financially secure and pay off my student loans. I like the idea of decentralization, the fact that there’s a lot less corruption and political ties. That idea appeals to me … Not having to go through banks. Having financial control over our lives again.”
Andreas M. Antopoulos who has written several articles and books on the concepts of bitcoin has stated that the mistrust in our financial system is keeping bitcoin alive and thriving. He stated that “when you talk to millennials who have been thoroughly disappointed by every single social institution — the government, the church, the politics, the parties — they can’t trust anyone anymore. They remember 2008, because it was the first big crash they’ve had, and many millennials have been unable to find work. They watched no bankers go to jail.”
With the threat of giant institutions, and the use of some internet research, it appears that bitcoin and other forms of digital currency, could be the way of the future.