It’s no secret that millennials (loosely defined as those born between 1981 and 2001) have embraced crypto with open arms.
According to Forbes, a 2017 survey conducted by Harris Poll involving over 2,000 American adults ages eighteen and up gave some strong evidence for the average millennial’s propensity toward crypto:
“For example, more than 1 in 4 millennials prefer Bitcoin to stocks: 27% of whom said they would prefer to own $1,000 of Bitcoin over $1,000 in stocks. The number was even higher for male millennials—38% of whom said they prefer Bitcoin.
Not just stocks, many millennials prefer Bitcoin to other traditional financial assets as well. Given the choice of either $1,000 of Bitcoin or $1,000 of a traditional financial asset, 30% of millennials said they would choose Bitcoin over government bonds, 22% would choose Bitcoin over real estate, and 19% would choose Bitcoin over gold.”
The survey also showed that millennials tend to have less trust in traditional financial institutions like large banks, are more likely to already own bitcoin, and have a higher degree of confidence in the future of crypto than those among other demographics.
In other words, many millennials see crypto as the new gold.
The Crypto and Gold Comparison
It’s true that crypto is like gold in many ways. It functions as a store of value and is “hard money,” meaning there is a fixed supply, as far as mineable coins are concerned (BTC has a supply limit of 21 million, for example). But it also has advantages that gold does not.
Gold cannot be divided up into smaller pieces and transferred around the world in a matter of seconds at very low cost as crypto can. Physical gold is heavy, inconvenient, and comes with fees for secure, institutional storage. To hold your gold in a vault, you will have to pay a monthly fee.
A hardware wallet containing the private keys to your crypto balances, on the other hand, requires no fee to maintain.
Crypto also functions as a messaging app, something gold could never hope to do. In fact, the abstract of the Satoshi Nakamoto white paper makes explicit reference to this feature of bitcoin:
“Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.”
So, while gold and mineable cryptocurrencies are both excellent stores of value, bitcoin is a decentralised messaging application at its core, whereas gold is a precious metal.
This is not to say that one is better than the other. They each have their use cases.
But as far as most millennials appear to be concerned, bitcoin is the gold of their generation.
Millennials and Avesta
If millennials like bitcoin, they will certainly like Avesta.
Avesta gives you access to crypto without the confusing mechanics. Instead of using long strings of random characters for sending/receiving assets, Avesta uses simple routing numbers. The Avesta wallet is intuitive and user-friendly.
And the additional functionality of the Avesta wallet, such as the invoicing feature, give it several advantages over the wallets of other coins.
In the end, cryptocurrency has already come close to mass adoption among millennials. With new blockchain projects like Avesta and cryptocurrencies like the AVE token, crypto can be brought to people of all demographics around the world with ease.