Crypto reshapes the American dream for younger generations: Report

A new Coinbase report on the state of crypto has revealed the disillusionment of younger generations (Gen Z and Millennials) with the traditional American dream and the financial system. It shows young Americans are more open than older generations to unconventional paths to financial independence, such as crypto, than older generations.

According to the report, young people find the American dream less achievable, partly due to high housing costs, inflation and an outdated financial system. Instead of following conventional paths, they are actively building new models of work, ownership and finance that are more flexible and don’t rely on legacy intermediaries.

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Younger generations are actively exploring fresh economic prospects. They are establishing the groundwork for a modernized system and a rejuvenated version of the American dream, empowered by technologies like cryptocurrency as a means to modernize the system, according to the report.

Screenshot of Coinbase’s Q3 report. Source: Coinbase

Per the report, almost 38% of younger generations see crypto and blockchain as offering economic opportunities beyond traditional finance vs. 26% of older individuals, with 31% owning cryptocurrency vs. just 12% of older people holding digital assets. At 16%, younger people express more interest in crypto as a global currency vs. 10% among older individuals. Around 38% anticipate cryptocurrency as the future of finance vs. 28% among older generations.

Young people do not just own crypto; they study it at school, recognizing its job potential. They also want to vote for forward-thinking candidates in 2024, and with Millennials and Gen Z forming around 40% of today’s voting-age population, they will become the majority of voting-age Americans by 2028, according to Brookings Research.

Related: Coinbase disputes SEC’s crypto authority in final bid to toss regulator’s suit

According to the report, 51% are willing to support candidates favorable to crypto in the 2024 elections. Additionally, 39% believe politicians and policymakers should endorse technologies like cryptocurrency and blockchain to benefit future generations, in contrast to the 28% of older Americans who share this view.

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Magazine: 6 Questions for Adelle Nazarian on crypto, journalism and the future of Bitcoin

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Author: Amaka Nwaokocha

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