Bloomberg: Gen Z "falls in love" with Bitcoin

By Brianna Honkawa d'Estries

Compilation: Luffy, Foresight News

Gen Z's influence extends far beyond TikTok makeup tutorials and eccentric fashion culture. According to Bloomberg, the youngest generation of adults, who now have $360 billion in disposable income, are busy reshaping cultural trends and redefining financial paradigms. Bitcoin inherently aligns with Gen Z values such as transparency, inclusivity, and digitally native tools. Therefore, Generation Z may further promote the development of the Bitcoin economy.

In interviews with several members of Generation Bitcoin, a community of students dedicated to learning about bitcoin, they expressed a general fondness for the cryptocurrency.

Autumn Domingo, co-founder of Generation Bitcoin, said her "generation is very supportive of each other. We are very inclusive, respectful of everyone, and have a real egalitarian mentality. I think this is an important part of the Bitcoin principle."

Defining Gen Z and understanding their values can be challenging given the disagreement over Gen Z birth date ranges. The McKinsey report shows that Generation Z includes those born between 1995 and 2010, while EY narrows it down to 1997 to 2007. Gen Z sits between Millennials and Generation Alpha and is characterized by spending a lot of time on the internet. They are the first generation to have grown up entirely in the digital age, surrounded by smartphones and social media.

According to EY's 2021 Gen Z study, this generation places authenticity at the top of their list, even over values like wealth. Gen Z seeks authentic connections and experiences, and values transparency and authenticity about individuals and brands. They prioritize diversity, inclusion, and equality, advocate for social justice causes, and engage in active activism through digital platforms.

“Bitcoin is about freedom, which means taking your future and your life into your own hands. That’s something Gen Z values and wants,” Domingo said.

Generation Bitcoin member and project lead Ella Hough agrees, saying in an interview, “Bitcoin is inclusive of everyone on the planet.”

According to the EY report, Gen Z also has a natural love for digital tools, social media and online communities, which have become their main channels for self-expression, especially connecting with friends. Therefore, digital currency naturally fits into the worldview of Generation Z.

Gen Z’s financial values align with Bitcoin

According to a 2023 report by the Financial Industry Regulatory Authority (FINRA), more than half of Americans between the ages of 18 and 25 are involved in investing, with 19% investing exclusively in cryptocurrencies and NFTs. Among Gen Z investors in the US, cryptocurrencies are the most popular choice, according to the report. Clearly, the U.S. bitcoin economy has plenty of room to grow as Generation Z matures.

Domingo highlighted Bitcoin’s growing appeal to Gen Z, saying: “Bitcoin is exciting to teens because it’s something new. Just like Gen Z now uses Instagram instead of Facebook, cryptocurrencies are like Instagram. Stocks, bonds, and other investments are like Facebook to us.”

When looking at the financial goals of Gen Z, the FINRA report shows that Gen Z individuals who are not investing are still focused on meeting their basic needs. They try to avoid living paycheck to paycheck, and they want to have enough money to travel or take vacations. However, Bitcoin remains relevant for young people without much disposable income. By earning Bitcoin, rather than buying digital assets as investments, Gen Z Bitcoin users can balance short-term expenses with long-term financial security.

There is no doubt that Gen Z face a tougher economic environment than their predecessors. According to Deloitte's 2023 Gen Z and Millennial Survey, rising cost of living and high unemployment are the top concerns of Gen Z. More than half of Gen Z respondents said they live paycheck to paycheck.

All things considered, one of the most common barriers preventing Gen Zers from investing is a lack of savings or reliable income, as well as a lack of investment knowledge. Perhaps this is why many Gen Z Bitcoin users find that earning Bitcoin through mobile games or using Venmo, Cash App to buy small amounts of Bitcoin is an easier way to start building wealth than traditional investment options such as stocks.

“Gen Z often thinks you have to buy a whole bitcoin,” Hough said, noting that smaller units are more acceptable. “It would be great if the exchange used sat as the unit of bitcoin.”

How Generation Z Earns Bitcoin

What would you think if you were told that Gen Z could earn Bitcoin through their daily online habits like posting pet photos and streaming podcasts? This allows bitcoin beginners to own bitcoin even without significant savings or disposable income.

By participating in various platforms designed for this purpose, such as Slice for browsing the Internet, Fountain for listening to podcasts, ZBD and TNHDR for playing mobile games, and even Nostr for social media interaction, Gen Z can be in their The digital world inhabited daily accumulates inflation-resistant assets.

In short, the financial values of Gen Z are almost identical to the core principles of Bitcoin. This makes Gen Z a key demographic willing to embrace Bitcoin as an alternative to traditional financial instruments, and they may even reshape the future of financial markets.