Youth Disillusionment with the American Dream
A recent report from Coinbase highlights the disillusionment of younger generations, including Gen Z and Millennials, with the traditional American dream and the financial system. Young Americans are finding it increasingly difficult to achieve the American dream due to factors such as high housing costs, inflation, and an outdated financial system. As a result, they are more open to exploring unconventional paths to financial independence, including cryptocurrency.
The Rise of Unconventional Paths
Younger generations are actively seeking out new economic prospects and are building alternative models of work, ownership, and finance that do not rely on traditional intermediaries. The report reveals that almost 38% of young people see crypto and blockchain as offering economic opportunities beyond traditional finance, compared to only 26% of older individuals. Furthermore, 31% of younger people own cryptocurrency, while only 12% of older individuals hold digital assets.
Crypto as the Future
Youthful enthusiasm for cryptocurrency extends beyond ownership. The report shows that 16% of young people view crypto as a potential global currency, compared to just 10% among older individuals. Additionally, around 38% of younger generations believe that cryptocurrency is the future of finance, in contrast to 28% among older generations.
The Impact on Politics
Young people’s interest in cryptocurrency goes beyond personal finance. They study it in school and recognize its job potential. They also have political aspirations and want to vote for forward-thinking candidates in the upcoming elections. With Millennials and Gen Z making up approximately 40% of today’s voting-age population, they are set to become the majority by 2028.
Support for Crypto-Friendly Policies
The report reveals that 51% of young people are willing to support candidates who are favorable to crypto in the 2024 elections. Furthermore, 39% believe that politicians and policymakers should endorse technologies like cryptocurrency and blockchain to benefit future generations. This is in contrast to the views of older Americans, where only 28% share this perspective.
Hot Take: The Changing Face of the American Dream
The Coinbase report highlights a significant shift in the perception of the American dream among younger generations. Faced with economic challenges and an outdated financial system, young Americans are embracing unconventional paths to financial independence, including cryptocurrency. They see crypto as a means to modernize the system and create a new version of the American dream. With their growing influence in politics, it is clear that young people will play a crucial role in shaping the future of finance and technology.
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