Growing up in the post-internet era can make you much more open to all kinds of innovations. No wonder millennials are so willing to try new things, especially if they make life simpler. In short, they love creative problem solving. That is exactly what blockchain technology and cryptocurrencies offer. It comes as no surprise, therefore, that over 25% of affluent millennials today either hold or spend cryptocurrencies, while another 31% are interested in using digital currencies.
So, what are they spending their digital currencies on?
- Trading & Investing
Having spent their most impressionable years in the throes of the global recession of 2008-2009, millennials are much bigger savers than their predecessors. Cryptos offer a great trading/investment vehicle, given that they allow you to exchange or store value without relying on a third party or the banking system, or being limited by geographical borders.
Did we mention that millennials are also the generation that trust no one, least of all the behemoth financial system? After all, they witnessed the demise of stalwarts like the Lehman Brothers. In fact, a recent survey by Bankrate found that 5% of millennials believe that Bitcoin is the best way to invest money that they don’t require for the next 10 years, as compared to only 1.3% Gen Xers and 1% Baby Boomers who favour cryptos for long-term investment.
2. Seeking Memorable Experiences
While Gen X and Baby Boomers loved their big cars, homes and material possessions, millennials seek experiences. They’d rather spend on traveling to new places, trying out different cuisines and entertainment. Good thing then that CheapAir, More Stamps Global and AirBaltic accept payments in the form of Bitcoin, Bitcoin Cash, Litecoin and more, for booking flights and hotels across 70 different countries. Also, knowing what gadget junkies this generation can be, they’d love to shop at Newegg and BitPlaza, which accept crypto payments.
Looking for entertainment? Xbox stores accept Bitcoin payments, as does Playboy TV and even PirateBay. Can’t live without your smartphone? Better check out Bitrefill to take care of all your mobile bills with crypto payments. You can even go where no man has gone before with Virgin Galactic accepting crypto payments. To infinity and beyond!
3. Giving Back to Society
Yes, millennials are a socially conscious generation. They believe in being the change they want to see in the world. Doesn’t that conflict with the huge energy consumption that comes with Bitcoin mining? No problem. Millennials can assuage their guilt by donating to a good environmental cause. Greenpeace is accepting crypto donations now.
Of course, the key reason this generation loves blockchain and cryptos is that it is decentralised. So, no government or authority of any kind, such as a central bank of a nation, controls either the flow of digital currencies or their value. It is all about supply and demand. So, even if they couldn’t “Occupy Wall Street,” they can certainly fulfill their anti-establishment aspirations with digital currencies. And, while cryptos help us go paperless to save the environment, they also take care of unsavoury aspects of the “establishment” like corruption. A great example of this is the recent Hong Kong protests that have captured our newsfeeds. Bitcoin Cash is popular among protest supporters, and measures are being taken to further promote the cryptocurrency to support dissidents. Additionally, this has spurred businesses to turbocharge crypto adoption as demonstrations against Chinese interference in Hong Kong continue.
4. Indulging Their Love for Food
Remember how millennials love experiences? One such experience is food. Millennials, unlike the previous generations, spend much less time cooking, instead choosing to eat at restaurants or order take away more often. So, it’s good news that Subway, Chipotle Mexican Grill, Dominos, Pizzaforcoin, The Cheesecake Factory, Dunkin’ Donuts and Burger King all accept digital currency payments. The largest food delivery service in Germany, Lieferando, works with over 11,000 restaurants and accepts crypto payments via Bitpay. So, millennials, who also like to eat healthier than their predecessors, aren’t limited to fast food or processed foods when they choose to spend their cryptos. Just don’t be the guy who spends 1 BTC on a pizza…
5. Building Long-Term Relationships
We are talking about a population that saw the highest divorce rates among their parents’ generation, and not just in the US. A trait that distinguishes millennials from others is that they seek long-term bonds and are willing to put in the effort to sustain relationships. This is possibly another aspect related to the value they place on experiences. So, when a millennial wants to send a gift to someone special, they have Gyft, which accepts Bitcoin payments at no additional costs. Of course, Amazon and Shopify also accept crypto payments, so there’s no shortage of gifting options.
And, when the millennial is ready to tie the knot, there’s Reeds Jewelers, based in the US and with an online presence, which accepts crypto payments.
With their unique outlook on the world, millennials are like no other generation before them. They are redefining the way the world works and how we address problems. No wonder, this is the generation that has spawned the most entrepreneurs. A job made easier with Microsoft’s Windows store, domain registrar NameCheap, The Internet Archive, Overstock, and even WordPress accepting digital currency payments.
What do you spend your cryptos on? Tweet us @DSX_uk and let us know.