Gen Z Is ‘Hooked’ On Cryptocurrency And NFTs

According to a recent BBC News report, Generation Z (“Gen Z”) has gotten utterly hooked to the attractiveness of cryptocurrency and non-fungible tokens (NFTs).

Generation Z (or Gen Z for short), commonly known informally as zoomers, is the demographic generation that follows Millennials and before Generation Alpha. Researchers and the popular media use the mid to late 1990s as starting and ending birth years. The majority of Gen Z are the children of Generation X.

According to the BBC, Gen Z has been addicted to the volatility and decentralized character of cryptocurrency. The report features 20-year-old Paxton See Tow, who claims he initially became interested in cryptocurrency after hearing his peers enthuse about it. Tow stated that his initial goal was to test if he could profit from the new phenomena, which allowed simple trading with a few clicks on his phone.

Paxton achieved a quick 10% profit on his initial $1,000 Bitcoin purchase, prompting him to try to quadruple his investment. However, he was burned when the price dropped dramatically a year ago:

“There’s always the saying ‘buy low, sell high’ but I did the complete opposite. I let my emotions get the better of me.“

According to the study, another trader, Kelvin Kong, lost more than $500,000 in 2018 after making six figures from cryptocurrency trading the previous year. Kong stated that he “lost everything” in the 2018 market crisis, but continued to acquire cryptocurrency owing to a sense of invulnerability.

Kong claimed he was eventually left with a few hundred dollars in his bank account and was suffering from poor mental health:

“I think I almost went into depression. I had suicidal thoughts.“

Kong expressed concern about the popularity of crypto and NFT trading among young investors, warning that “a lot of them will lose money at the end of the day.”

According to the report, cautionary tales like Paxton and Kong do not appear to prevent Gen Z from investing in digital assets. Andy Leach of Singapore’s Visions by Promises addictions center said he had witnessed an increase in young, primarily male, clients becoming addicted to cryptocurrency trading.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News