The Currency Culture: How Bitcoin Has Made Millennials Think About Money

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In 2017, the world at large learned about something known as bitcoin. Despite being used and traded since 2009 when Satoshi Nakamoto unleashed his innovation on the world, the general public only came to know about it in 2017. Why? The main reason the mainstream media went into a bitcoin frenzy was that the price of a single coin jumped from $1,000 to almost $20,000 over a 12-month period.

The Investment Generation

As is often the case when something becomes a hit, people were quick to jump on the bandwagon. Reviewing the bitcoin climate, the London Block Exchange found that 5% of those aged below 35 had invested in bitcoin and 17% were considering investing by the close of 2018. These statistics are interesting on two levels. Firstly, if millennials are willing to invest in bitcoin, it means they’re likely to use it for payments too. This, in turn, could help bitcoin become a mainstream payment method in the coming years. Secondly, the results suggest those under 35 are starting to think about investing their money into money.

Forex trading, i.e. trading foreign currencies, isn’t anything new. However, with bitcoin prompting novices to think about investments, a new trend could be on the horizon. If that proves to be the case, the infrastructure is already in place. Over the last decade, online trading has become more accessible to the uninitiated. People can now go online, ask what is a CFD and find out within seconds that it’s a contract for difference. From there, you can learn that CFDs allow you to speculate on the financial markets without directly investing in them. So, instead of actually buying bitcoin, you can enter into a contract at a certain point and exit as and when you wish.

Millennials Have the Tools to Trade

One of the main benefits of CFDs is that you can speculate on the price of an asset going down as well as up. For those that invested in bitcoin when the price was touching the $20,000 mark, seeing the price fall close to $8,000 at the close of March 2018 will have come as a shock. Under the standard investment model, anyone that had held their position (i.e. not cashed out their investment) would have lost money. In contrast, anyone that predicted the price would fall between December 2017 and March 2018 could have used the “sell” function in CFD trading to invest in a drop. In the end, the difference between the price at the start of the contract/trade and the end of it would determine the amount of profit they’d made.

Beyond CFDs, the online trading world is filled with alternative investment opportunities. Commodities such as oil and precious metals are offered alongside positions on interest rates, bonds and, thanks to bitcoin, cryptocurrencies. Essentially, the facilities are there for a generation that wants to invest. Although the hype surrounding bitcoin has subsided somewhat since the market took a downturn, the interest in investing will likely continue to bubble under the surface. Although it may be too soon to call it a cultural norm, technology has certainly spawned a new way of thinking about money for the younger generation.

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Read 4271 times Last modified on Thursday, 28 February 2019 16:11
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