For crypto as a whole, it's perfectly true the vast majority of ICOs and crapcoins out there are indeed terrible investments that do lure in more than a few gullible bagholders who are going to lose their money. So in a way, I can't deny they have a small point. Anyone who gets involved in crypto needs to be astute and somewhat circumspect when it comes to where and (equally importantly)
when they invest. But I think the overall tone of the article leads to a deeper problem.
Firstly, "
Millennials", in the context of this article at least, now seems to be a catch-all word that, let's be honest, basically implies "
people who eat laundry detergent pods". And perhaps people like that
should probably avoid... well...
any serious financial decisions, cryptocurrency or otherwise. But I'd like to think that such generalisations aren't representative of the future of humanity and that there might still be a few young people out there with a brain in their heads. There's a distinct tendency for this word, millennial, to be used in a condescending manner. And we now have to consider what the goal is in doing that. Call me cynical, but to me, it sounds like an attempt to coerce conformity. "
Don't look at this subversive stuff, just keep being a good, ignorant little wage-slave. Let us take care of the money. You should trust us because you're just a millennial". That doesn't sit well with me.
As for the interviewee, obviously they think their generation knows best, despite the fact they're clearly the ones who fucked the global economy in the first place. We absolutely shouldn't trust them with the money. If there's a generation that deserves some condescension, it's undoubtedly his. If the younger generations are so disillusioned and disenfranchised with the traditional economy, perhaps Ken Griffin and his ilk only have themselves to blame. It should be painfully evident to any current wage slave that fiat doesn't hold a bright future for them. I'd love for some wealthy idiots to throw their vast fortunes at me so I could take it to the casino to gamble with while keeping a slice of the pie for myself, but apparently you have to be a hedge fund manager for that to happen in the real world.
One might even argue, "
There’s no need for hedge fund managers. They’re a middleman in search of a handout". So it's not beyond the realm of possibility that Griffin's words stem from a source of recognising the threat to his business model. Consider that once the general populace becomes accustomed to "being your own bank", they might then feel more comfortable with "being their own fund manager" as well. Wealth management is just another industry crypto has the potential to disrupt, but it all depends how this up and coming generation responds. If personal responsibility becomes the new norm, it's undoubtedly going to impact Mr Griffin's future revenues.
My stance is that everyone with some nous should take a serious look at crypto, particularly the younger generation. The future is in their hands, so they need to choose the right path.
