A majority of Gen Z investors think crypto will make them millionaires

[Hydrogen]

It sometimes seems crypto is minting new millionaires by the day, particularly those with the stomach to dabble in the risky world of altcoins. The most famous of these — like doge and shiba inu — have produced some eye-watering returns in 2021.

It's no surprise then that investors are flocking to the space with dreams of quick riches, and Gen Z investors, in particular, think crypto will make them millionaires, a recent study by research and data analytics firm Engine Insights showed.

Nearly two-thirds — 59%  — of Gen Z respondents to the survey believe they could become wealthy by investing in cryptocurrencies.

"This generation has a greater acceptance and comfort with all things digital, so not surprising that would be more comfortable with crypto," Kathy Sheehan, SVP at Cassandra, a division of Engine, told Insider. "This generation has a lot of concerns about debt and finances."

A confluence of factors, from the rising costs of real estate to college education could be to blame, Sheehan told Insider. Inflation reaching 30-year highs has only reinforced the appeal of crypto as the weakening of fiat money dominates headlines.

"They feel that everything financial is harder for them than it was for previous generations," Sheehan said. "Couple that attitude with more of an appetite for risk, it is not surprising that they are hoping for a quick fix or return."

Gen Z, a group of about 72 million people in the US born between 1997 and 2012, is the most diverse generation in American history in terms of race, ethnicity, and sexual orientation.
Broadly, this generation is progressive, pro-government, and activist-minded. They have also grown up in a period of watershed cultural moments including #MeToo and the post-George Floyd era, weathering a disruptive global pandemic on top of it all.

The survey, whose findings are based on responses from 1,027 people in November, also found that if offered $2,000 to invest, Gen Z respondents are three times more likely to buy digital assets compared to baby boomers, and twice as likely to consider virtual currency a "legit currency."

The crypto market has fluctuated wildly this year but has generally been trending higher. The crypto market capitalization hit $3 trillion recently.

Bitcoin has gained 100% since the start of the year, while ether is up 480%. Meme coins have had it better, with dogecoin rising 4,835% year-to-date and shiba inu skyrocketing 63,490,000%.
Many retail investors poured multiple rounds of government stimulus checks into stocks and crypto, helping fuel the surge in both markets seen during the pandemic.


https://markets.businessinsider.com/news/currencies/gen-z-crypto-survey-bitcoin-ether-dogecoin-cryptocurrency-investing-2021-11

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Bolded and highlighted some of the most relevant parts.

The question is often asked: has bitcoin achieved mass adoption. Numerous statistics and numbers have been cited over the years, in an effort to claim bitcoin and cryptocurrencies have made it big.

Our latest offering here claims 57% of generation Z believe crypto is a good method of building wealth, with that segment of the population numbering around 72 million in the USA, roughly 22% of the total US population.

What's interesting about generation Z is the right wing claims they are the most conservative generation in many years, while others claim they are the most progressive and left wing generation. There is some dispute as to exactly what generation Z think and believe, which will undoubtedly be resolved eventually.

That said its always great to see people acknowledging the positive role cryptocurrencies can play in society.

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[The Sceptical Chymist]

Gen Z, a group of about 72 million people in the US born between 1997 and 2012, is the most diverse generation in American history in terms of race, ethnicity, and sexual orientation.

Huh.  I didn't know Gen Zs were strictly US citizens.  Is that even true?

And what's up with that second statement about diversity?  It's really got nothing to do with the poll, and the injection of identity politics into a financial article really, really seems icky to me.  Is there nothing in the media nowadays that isn't laced with this crap?

Broadly, this generation is progressive, pro-government, and activist-minded.

Good; that means that as they grow older they're probably likely to become anti-government and more skeptical about the things they were brainwashed with as youths.  At least I hope that's the case, because if it isn't we're in some serious trouble.

Now here's the thing about those Gen Zs thinking they can become millionaires by dabbling in crypto:  Some of them really are getting extremely wealthy by taking those risks the article talked about and investing in not only dogecoin but all sorts of altcoins and experimenting with oddball stuff like NFTs and such.  So it's not as if they're out of their minds by believing in crypto as a cure for their financial woes, because when doge hit its ATH you know a bunch of people had to have just gotten rich.

One thing I'm hoping for is that when the Gen Zs grow up and become our future politicians, they retain their fondness for cryptocurrency and don't try to regulate it to death (if that hasn't happened by the time the new generation gets elected to positions of power).  I also think it's a great thing that youngsters have such a positive view about crypto.  I don't understand that whole "pro-government" stance that I quoted above (if it's true), because part of the reason bitcoin is so valuable is because of all the damage governments have done to fiat currency and the world economy in general.

[cabron]

Crypto created the largest wealth distribution they say. But I don't think these guys are up for BTC really, they are all for making money and you can always just see them posting on social media with thier binance portfolio having SHIB and DOGE on it. They don't even have BTC.

Gen Z, a group of about 72 million people in the US born between 1997 and 2012, is the most diverse generation in American history in terms of race, ethnicity, and sexual orientation.

Huh.  I didn't know Gen Zs were strictly US citizens.  Is that even true?

And what's up with that second statement about diversity?  It's really got nothing to do with the poll, and the injection of identity politics into a financial article really, really seems icky to me.  Is there nothing in the media nowadays that isn't laced with this crap?

Broadly, this generation is progressive, pro-government, and activist-minded.

Good; that means that as they grow older they're probably likely to become anti-government and more skeptical about the things they were brainwashed with as youths.  At least I hope that's the case, because if it isn't we're in some serious trouble.

Now here's the thing about those Gen Zs thinking they can become millionaires by dabbling in crypto:  Some of them really are getting extremely wealthy by taking those risks the article talked about and investing in not only dogecoin but all sorts of altcoins and experimenting with oddball stuff like NFTs and such.  So it's not as if they're out of their minds by believing in crypto as a cure for their financial woes, because when doge hit its ATH you know a bunch of people had to have just gotten rich.

One thing I'm hoping for is that when the Gen Zs grow up and become our future politicians, they retain their fondness for cryptocurrency and don't try to regulate it to death (if that hasn't happened by the time the new generation gets elected to positions of power).  I also think it's a great thing that youngsters have such a positive view about crypto.  I don't understand that whole "pro-government" stance that I quoted above (if it's true), because part of the reason bitcoin is so valuable is because of all the damage governments have done to fiat currency and the world economy in general.

Many of them see altcoins will grow just as how ETH grew. They didn't even send thier coins out of the binance so yes it's a positive outlook still to crypto. And whether they grow old or not after looking at what the government had done to fiat, they put thier hope on crypto to survive this health crisis because they've seen it happen. Many got richer, its financial freedom through play to earn games which the information spread on social media. They are the newer generations that will come to crypto.

[Obito]

That's because there's a lot of influencers on the Internet preaching that cryptocurrencies is the number one solution to someone's problem, I mean those people shill shitcoins and it's not far from thinking that some Gen Z kid would see that video and think that they might be able to make a living out of this cryptocurrencies when in reality, the market is unforgiving.

[btc_angela]

That's because there's a lot of influencers on the Internet preaching that cryptocurrencies is the number one solution to someone's problem, I mean those people shill shitcoins and it's not far from thinking that some Gen Z kid would see that video and think that they might be able to make a living out of this cryptocurrencies when in reality, the market is unforgiving.

Yeah, one example of social media is Tiktok, you can see there that there are a lot of Gen Z preaching crypto and telling everyone is the easiest way to become a millionaire.

But I think they are all wrong, because they don't know how volatile crypto is.

And the funny thing is, when crypto is all up, you can see them making videos and talking about it. But when it's down, you can't even hear a pin drop and those influencers suddenly disappear, LOL.

In any case, still boils down how this Gen Z are going to take crypto, maybe some will become smart investors and will HODL while others when they saw their money grow will simply wasted it on things that they didn't need to buy in the first place.

[cabron]

That's because there's a lot of influencers on the Internet preaching that cryptocurrencies is the number one solution to someone's problem, I mean those people shill shitcoins and it's not far from thinking that some Gen Z kid would see that video and think that they might be able to make a living out of this cryptocurrencies when in reality, the market is unforgiving.

Exactly. A 16-year-old kid earning more than $1000 a week from the games he plays providing tips on youtube on how to do it will really make the ears of his peers listen. Even the 40-year-old man was amazed at it that he also invested in the AXIE game. After learnings SLP, they also look at the rest that is listed on Binance.

Its unforgiving but what's amazing is that even after a price correction, Gen Z is still are there buying more. Everybody learns when people say buy the dip.

[davis196]

We don't need a survey in order to know that young people:
1.Love risk more than the old people.
2.Are more open towards digital stuff and new technology than old people.

The survey is mentioning crypto,not Bitcoin.
Crypto can be anything-shitcoins,shit tokens,NFTs,HYIP investment scams,ICO scams,DeFi scams...
Thinking that investing in such an obscure industry as the crypto industry(without any proper research) will make you a millionaire is simply delusional.
Also thinking you can become rich just by buying a coin and waiting for it's price to pump 1000 times is totally delusional.
Bitcoin and crypto(whatever the term "crypto" means) have plenty of room for growth in the USA.
However,this survey proves that the majority of young people in the USA lack financial education and experience with managing their wealth and investments.

[raidarksword]

This is the comment misinformation to these new generations because the influencers itself is just shilling and making false information to its supporters that crypto is an instant solution to become a millionaire. Which is not true at all, crypto is risky and it can end up broke or rich instantly. Patience is the game on crypto industry, hold is the key to become successful.

[Obito]

~snip

Its unforgiving but what's amazing is that even after a price correction, Gen Z is still are there buying more. Everybody learns when people say buy the dip.

I think that it's understandable that it's unforgiving, I mean almost all financial markets are unforgiving right? It's just that the crypto market is more open to being unforgiving compared to other markets that has some subtlety at the least. It's a good thing that they're buying now, even if they're wrong, it's still good because they're young and mistakes are still acceptable for them.

[Haunebu]

Makes sense since I am one of them. I do believe that I can become a millionaire by trading cryptocurrencies though factors like patience, luck etc matter a lot in this case.

However, I disagree with some parts of the article(Pro-government etc). Most Gen Z investors are rebelling against their respective governments through cryptocurrencies and not supporting them.

[ultrloa]

Don't be surprise if this is what new generation thin about it since this is what information feed them by some social media influencer and little part is the hype brought by the mainstream media especially when there's a bull market run happening. That's why we also see that many new got scam since they think about that the platform they invest their money can give them huge wealth or can make it as passive income generator.

[kryptqnick]

When I see surveys like this, I always wonder how representative they truly are. The article's also written in quite a cherry-picking way. For example, take a look at a simple one-page summary of the survey, and you'll see that the article doesn't mention that on the question of investment instruments, the most popular response for Gen Z is actually stocks, and the same goes for millennials. Also, real estate is almost as popular among Gen Z and millennials as cryptos are, and a slightly higher percentage of millennials than of Gen Z chose cryptos. Given this summary, it doesn't really look like Gen Z is so special, really, and that cryptos are so popular among them.

[Poker Player]

I've got mixed feelings about this.

And I think they are more negative than positive. On the one hand, I think in that generation there are a lot more people who can understand what Bitcoin is and how it helps us to get rid of the clutches of governments and central banks to some extent.

But on the other hand, I think the majority of that generation doesn't see it that way. They just want to be millionaires with minimal effort. Playing games from home and recording bullshit. The fact that they talk about crypto and not Bitcoin makes me think that for most of that generation it is not a question of ideology but of wanting to make a killing.

[lovesmayfamilis]

All the years that are determined by Generation Z are associated with the development of computer technology. And of course, here one cannot but recall bitcoin and cryptocurrencies. The youngest areas of technology, of course, fall on the age of young people. And I agree that there will be many millionaires among them, but it's hard to imagine that among all of them. Only those who have the time and desire to study, to develop their knowledge and experience will become a gatherer. Even today, investing in bitcoin and managing these investments correctly for several years promises profit to young people.
But to round off that they are all sitting on sofas, and without acquiring any knowledge, but only hanging out on social networks and in online games, they will become rich, I think this is ridiculous.
The one who makes great efforts to his win always wins.

[molsewid]

All the years that are determined by Generation Z are associated with the development of computer technology. And of course, here one cannot but recall bitcoin and cryptocurrencies. The youngest areas of technology, of course, fall on the age of young people. And I agree that there will be many millionaires among them, but it's hard to imagine that among all of them. Only those who have the time and desire to study, to develop their knowledge and experience will become a gatherer. Even today, investing in bitcoin and managing these investments correctly for several years promises profit to young people.
But to round off that they are all sitting on sofas, and without acquiring any knowledge, but only hanging out on social networks and in online games, they will become rich, I think this is ridiculous.
The one who makes great efforts to his win always wins.

I must say that Gen Z were so lucky that they catch up this cryptocurrency the younger they are because today the more you are knowledgeable about technology and new trending digital platform the more you can join and ride the trend and the better possibility and opportunity for them to earn a profit. I do agree with the thought that investing in crypto will make them millionaire however it's very risky and at the same no assurance. It's a constant learning process I think it mist be safe to safe the many you have a knowledge about crypto the more profit that you can earn.

[Gyfts]

When I see surveys like this, I always wonder how representative they truly are. The article's also written in quite a cherry-picking way. For example, take a look at a simple one-page summary of the survey, and you'll see that the article doesn't mention that on the question of investment instruments, the most popular response for Gen Z is actually stocks, and the same goes for millennials. Also, real estate is almost as popular among Gen Z and millennials as cryptos are, and a slightly higher percentage of millennials than of Gen Z chose cryptos. Given this summary, it doesn't really look like Gen Z is so special, really, and that cryptos are so popular among them.

Thought the number was fairly large, this explains it. Stocks will remain the most popular investment for Gen Z'ers and millennials because of how much the Robinhood type crowd makes up these young investors. You can become a stock trader by owning a smart device and the first stock is free on most of these platforms. Granted these companies also allow crypto trading in addition to stocks, but still, crypto investments aren't all that popular with younger people as one might think. There's still a long way to go.

[Lucius]

I will not go into the methodology of survey and the eternal assumption that the whole crypto world revolves around what someone or something will do in the US. I would rather look at the fact that these young people, no matter what letter they are marked, live in a large percentage in a world of illusions where they can solve all their problems just by looking at small and large screens showing various charts and figures that will turn them into millionaires.

If the majority of Generation Z in the world chose that path, then who would do the usual jobs - produce food, take care of water supply, waste collection, work in shopping malls? Maybe all these jobs will be done by some robots that haven't been invented yet, or all of them, when they get rich, will buy a one-way ticket to Mars with EMeXpress

[Dragonfund]

An average holder of Bitcoin and other Altcoins worth $1k should be in a millionaire expecially my local currency that has devalue over time.
That survey shows nothing but truth because that's exactly what it has done for many over years particularly the holders and also shitcoins buyers. They can all attest to this that crypto is the best hedge against inflation and very great alternative than giving your money to banks that may stop you from withdrawals when you needed your money without profit.
Infact, I think why we have fear of missing out that always led to pump of projects, everyone want to cash out in millions.

[stompix]

And what's up with that second statement about diversity?  It's really got nothing to do with the poll, and the injection of identity politics into a financial article really, really seems icky to me.  Is there nothing in the media nowadays that isn't laced with this crap?

Business insider has gone downhill for a while and now they are digging at the bottom of the valley with this crap when the most popular articles are about Trump even right now....half of their articles about race and sexual orientation, businesses it's just in the name.

I would rather look at the fact that these young people, no matter what letter they are marked, live in a large percentage in a world of illusions where they can solve all their problems just by looking at small and large screens showing various charts and figures that will turn them into millionaires.

I'm amazed by the fact they don't understand that they will not become millionaires unless someone who HAS millions will help the market grow to the level they need for them to get rich.
If a bunch of kids with 10$ in their pocket will be the only investors that will be the price of Bitcoin also, you need money, serious money for the price to move, for god's sake we need $50 million a day just for the newly minted coins, without serious backers, there is no way somebody who invests 100$ will ever manage to get even $1000.

So unfortunately for the daydreaming generation Z, they will need a lot of poeple from generation A to get their dreams even 1% close to fulfillment.

[Wexnident]

It isn't that odd imo. A lot of people that showcase their crypto wealth are often assumed to have had an automatic path where they just entered crypto and got rich instantly. Even I would assume as such if I was ignorant since all a person would be seeing is people being successful, and not the other way around. Honestly just seeing how Bitcoin's growth went from its decade experience, any ignorant person would instantly assume that either Bitcoin is a scam, or that anyone who does crypto is an extremely rich person.