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Popularity Of Cryptocurrency Plummets Among Millennials In 2022 & More Latest News Here

According to the latest Bankrate survey, the acceptance of bitcoin-equivalent cryptocurrencies will plummet in 2022, especially among their most ardent supporters, millennial traders. Over the past 12 months, people of all ages have seen their comfort phase with cryptocurrencies plummet as the value of these digital currencies plummets at dizzying rates.

Overall, the number of individuals who say they are “very comfortable” or “fairly comfortable” with cryptocurrencies in 2022 has dropped by more than 39% since 2021. The figure was even more pronounced for millennials, whose comfort range fell by almost 42%

The decline in the comfort range for cryptocurrencies among millennial traders mirrors the sharp declines in major cryptocurrencies such as Bitcoin and Ethereum in 2022.From its all-time high in late 2021, Bitcoin has lost more than 72 while Ethereum has lost 73

In 2021, nearly 35% of individuals said they had some comfort investing in digital currencies, up from about 21% in 2022. In contrast, the older generation is much less comfortable than the last 12 months, and they are generally much better than younger traders:

  • Millennials say they are “very comfortable” or “fairly comfortable,” with cryptocurrencies surpassing 49 percent in 2021 and falling to almost 29 percent in 2022.
  • Technology X confirms a comfort zone of nearly 37% in 2021, falling to around 21% in 2022.
  • Boomers confirmed a comfort range of over 21 over the past 12 months and slipped to about 11 in 2022.
  • Gen Z traders confirmed a comfort zone of nearly 34% in 2022, but Bankrate did not specifically survey it in 2021.

Cryptocurrencies, which are typically not backed by depleted property or capital flows from any underlying entity, fell sharply after the Federal Reserve pledged to aggressively raise interest rates to combat rising inflation, which was subsequently adopted. In addition, some traders are concerned that the additional authority regulation proposed by the Biden administration and the central financial institution digital foreign exchange could disrupt the cryptocurrency market.

“It’s a lot simpler to enthusiastically imagine one thing whenever you see value rising on a regular basis,” said Greg McBride, CFA, Bankrate’s chief currency analyst. “However, when the chips fall, the actual perception checks There will be, and quite a few traders have realized that they really feel differently about investing in cryptocurrencies now.”

Social media: Insufficient supply of economic data

Why are millennials and Gen Z so enthusiastic about cryptocurrencies when many currency advisors and as good traders as Warren Buffett have warned about their risks? One motivation could be the lack of high-quality monetary data on social media, where the hype is completely limited by the creativity of influencers, especially in relation to the lesser-known subject of cryptocurrencies.

A 2021 CreditCards.com survey confirmed that social media platforms or influencers are Gen Z’s second most popular useful resource for money referrals, with 28 people using it, second only to family and friends as a useful resource (53). personal). Millennials relied on social media for the same amount (24), compared to 10 for Gen X and 4 for Boomers.

However, American adults admit that the supply of social media is not large. They said social media was the least reliable source of their financial referrals. Only 21 people said social media was reliable, while 65 said it was unreliable.

Of the sources cited, currency advisors are largely considered the most reliable (70), but Gen Z (only 16), Millennials (21), and Gen X (20) sometimes consult advisors. By comparison, about 29 percent of Boomers consulted a consultant.

Cryptocurrencies have major dangers

In fact, these cryptocurrencies hyped on social media, legal or not, can easily spark curiosity with the promise of buying and selling wealth and flashy vehicles. The reality, however, is that nearly all merchants find themselves throwing away large sums of cash, a reality that can be hard to discern in the glitz.

All the time, whether it’s stocks, funds, real estate, or any other money, you’ve wanted to know what you’re investing in and how you can make money from it.

In the case of cryptocurrencies, since it does not generate capital flows, merchants should rely on “the principles of better idiot investing.” That said, they have to look for people who are more optimistic — some would say silly — in terms of the funds they have. So, buying and selling cryptocurrencies is just a sport to try to get your fellow merchants to guess that means mood swings.

Traders are also concerned about how regulation by U.S. federal authorities will affect cryptocurrencies. In addition to protecting traders, the federal government also focuses on various issues, including stopping illegal transactions and different financial crimes. It is also considering the creation of a digital foreign exchange for a central financial institution, which could potentially act as a “digital dollar.”

Such transfers could harm cryptocurrencies. Federal Reserve Chairman Jerome Powell has said, “You don’t want stablecoins; you don’t want cryptocurrencies for those who have digital U.S. foreign exchange.”

This means that cryptocurrency is a high-risk sport, and you can lose the most or all of your cash no matter how old you are. Given the massive decline in cryptocurrencies in 2022, it’s not surprising that millennials — of course, teams of all major age groups — are far less comfortable with it.

Editorial Disclaimer: All traders are advised to conduct their own unbiased analysis of financing methods before making an investment decision. In addition, traders are advised that the efficiency of previous financing products does not guarantee future value appreciation.

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