From the standpoint of technological adaptability, Millennials are among the groups which were able to adjust the most in a brief period of time—a time that is torn and accelerated anew by paradigm shifts all over the board. The older ones (born between 1980–1993) received insights from the preceding generations and accommodated to the best of their ability: lessons that remained from the preceding Gen X’s beliefs and habits and what their Baby boomer parents taught. Organic intergenerational exchange is now juxtaposed with exponential technological progress. The reality is, Millennials suffered a clash because of this energetic ambiguity. As a result, they stumbled into a whole new era where everything they’ve been taught has been distorted and tested. A test that already shows many fruits and reasons to believe that Millennials readjusted swiftly.
The prior generations’ values about work, savings, lifestyle, and investments have radically shifted to different priorities. They appreciate investing in new technologies, have other behaviour habits, preferences and expectations towards their future.
Many of them are under the justified impression that merely finishing a bachelor’s degree is not enough to find a fulfilling job and the salary of their dreams, as maybe their parents did.
Millennial traders are the most ambitious
Due to the COVID-19 pandemic, the future of the financial market is uncertain. One age group that seems to take advantage of this web of uncertainties, however, are millennials. Even though it might sound redundant, Millennials become more and more proficient in dealing with uncertainty at their best. A well-known characteristic of Millennials is their desire for aspirations to be fulfilled rapidly, no time wasted. Be it the morning news, dinner plans, or instant gratifications from their physical achievements in their jogging app—all rest comfortably at their disposal through a simple swipe or click on their smartphone.
We observe similar strives in today’s fintech domain, evolving at par with this generation. For instance, the fact of digital and branchless banks challenging traditional bank structures.
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Cryptocurrency—the most popular digital asset
As some also refer to Millennials, Generation Y has a reputation for embracing all things digital, especially cryptocurrencies. So when it comes to investments, most prefer doing things online or over an app rather than filling up lengthy paperwork. Cryptocurrencies emerged a little over a decade ago, with the first taking the spotlight in 2009: bitcoin. These novel assets became a diverse basket of tokens and coins, thriving from blockchain technology—a prospective and growing alternative to our current legacy financial system. It basically means that
cryptocurrencies can be purchased, sold, exchanged, or stored by anyone, digitally, online with the aid of the blockchain. It is a unique database that has so far proved to be virtually incorruptible, with a natural affinity for decentralisation and self-responsibility. Many of these blockchain projects releasing new cryptocurrencies every year yielded unfathomable results and growth. (Not all of them on merits of their innovation, of course, but rather because they were hyped into oblivion by clever marketing.)
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These attributes might display why cryptocurrency as an asset class fits perfectly into the Millennial lifestyle. For anyone still wondering why Millennials would invest in
Cryptocurrencies, here are some excellent reasons:
High and quick returns (Millennials are considered one of the most ambitious generations, historically speaking. They seek investments that benefit them with high returns in a shorter duration. While there are not many assets that generate high returns quickly, cryptocurrency can be an )
A bonus to a decent retirement portfolio
Concerning the last point, it’s even more severe. Unlike their parents (depending on the country they live in), most Millennials in Latin America, for instance, are a generation without access to a future pension assured by the state. Even those who hold good jobs now are not likely to receive a pension once retirement starts. This urge to take matters into one’s own hands, making long-term investments, is driven by the possibility of reaching independence and financial freedom.
Cryptocurrency is highly volatile. The fact that sometimes its 30-day gains or losses can exceed 100% is a testament to that. Meaning, the risk and returns are relatively high. However, if played out wisely, they can make a great addition to a Millennial’s retirement portfolio. In that sense, the statistics already show how Gen Y demographics often seek other incomes than just what their official jobs generate. That’s why it is imperative to consider which platform gives the best conditions and security to avoid precarious situations. A service that can help them generate even more additional income on which they can rely.
Also, studies have shown that the pandemic has increased the risk appetite among Millennials significantly. Here is a paradox: They remain a relatively young generation that is not very worried about liabilities since, on the one hand, they don’t have a whole lot to lose and starting over does not seem like that much of a tragedy. On the other hand, they`re used to sudden changes and have come to deal with these in a surprisingly determined and organised manner.
A suitable Alternative Investment
The term ‘Alternative Investment’ means performance is unrelated to traditional asset classes such as stocks and bonds. Cryptocurrency can make for an alternative investment for Millennials over the long term since they are likely to remain strong and pull through any financial crisis that may occur in the future—particularly if the fundamentals, use case, partnerships, and innovation of the blockchain project hold up.
So, how to invest safely? The first step is finding a reliable and trustworthy exchange for cryptocurrencies. Simplicity, security, and accessibility are three aspects that everyone should consider while choosing an exchange to invest in crypto. Before ever trying to buy any asset with your hard-earned money, make sure the platform is legit.
Many lost orientation and perspective due to the great crashes in the crypto market, like back in March 2020, or more recently, in May 2021. When the typical Elon Musk tweet hits home and provokes severe market fluctuations, some of the best platforms should be able and willing to give guidance and adapt to their customers’ needs. OctaFX is one of those platforms.
The fintech company just recently accommodated its clients with a leverage update: it raised the leverage for all its cryptocurrency pairs from 1:10 to 1:25.
As a friendly reminder, the most-traded cryptocurrencies at OctaFX, ranked by popularity, are: BTCUSD (Bitcoin/U.S. dollar) XRPUSD (Ripple/U.S. dollar) ETHUSD (Ethereum/U.S. dollar) LTCUSD (Litecoin/U.S. dollar) BCHUSD (Bitcoin Cash/U.S. dollar)
OctaFX decided upon meeting this customer demand after carefully analysing the client sentiment and attentively reviewing client communications.
The cryptocurrency adventure is a wild one and plays a decisive role in ushering in the age of the Fourth Industrial Revolution. Thanks to Millennials or Generation Y, it gathered momentum never seen before on any financial market and has to be reckoned with in the future.