Crypto has become the standard.
As an obscure speculation of a select group on the net, many lenders currently have it in their portfolios. The size of the global digital money market has been estimated at US$1.7 billion by 2021 and is estimated to reach US$32.4 billion by 2027. New crypto businesses raised $9.2 billion across 461 value offerings during the quarter, up 155% year over year.
Part of this push towards crypto was fueled by the contribution of young people in space. Almost a quarter of GenZ review participants said they have crypto, as opposed to 6% of Gen Xers.
To further push the bounty for younger age groups, I reached out to some GenZ financiers as sponsors who are part of the group of young financiers I have the Young Investor Network as well as Will Rush, the pioneer behind the GenZ Crypto Contribution App Stack, founded. Given the recent fall in crypto values, I had to ask Rush for his take on the ongoing economic situation.
"Assuming you accept that computing resources are the ultimate goal of monetary innovation, realize that this is another opportunity to let go of the terrible and focus on the bright side," he said. "A significant number of the most talented people I know have moved to Web3, so we probably have the greatest personalities chasing the next promotion."
Why are young people interested in cryptocurrencies?
A typical pattern I heard was that they saw the cost of digital money skyrocket and they had to take a share of the profits. Rush got involved in 2014 after seeing Bitcoin's cost making big strides and began exploring different avenues in relation to different companies.
Most of the Young Investors Network GenZ people involved in this area watched a lot of cryptocurrency content on TikTok during the COVID19 lockdowns and a large number of them were initially involved in the Dogecoin frenzy and then evolved into more respectable content.
A review by GOBankingRates revealed that more than 34% of GenZ research TikTok and Youtube individual budget. This speaks to the importance of virtual entertainment in the world of effective financial planning. Everyone I spoke to mentioned how important, for example, TikTok and Reddit were, how they could interpret cryptocurrencies and generally contribute. What admonition do young people have for their friends?
Working with numerous young financial sponsors, I have found that too many young people choose speculative options without knowing what they are getting into and without doing the proper exploration.
The GenZers I spoke to talked about the importance of first understanding what you are spending resources on and mentioned some of their #1 YouTubers and crypto sites, including Crypto Banter and Coinpedia.
Rush emerged from an alternative methodology. However, you should do your research before speculating, if you just put some money into the crypto markets, you will be above the 60% of funders who remain dormant, he said. He also understood the importance of not just following the team and used the Wall Street bets crisis as a reflection. Although some people brought cash, he said, most people got in at the top and lost a ton. These were people you don't know about, he said.
How would you break into the crypto space? The main proposition of
Rush is to leverage the existing crypto content. Whether it's watching commercials (don't skip them, he said, no matter how many it takes to watch the entertaining cat video) or researching exciting new representatives or activities, it's important to understand what's out there, he said. Rush said it's important to get professional guidance from reputable sources and to talk to people who've done what they think should be done, rather than virtual entertainment stars who guarantee they know what's next.