"It's Millennial Gold" - Selloff Hasn't Shaken True Believers' Faith In Bitcoin
Content adapted from this Zerohedge.com article : Source
It is no secret that millennials think differently from everyone else. They never experienced a time without cell phones, laptops, or the internet. What they did experience was a stock market collapse, housing bubble bursting, student loans, and weak job market.
With the advent of bitcoin, the Millennials had something to call their own.
The price of bitcoin dropped over 60% from the peak. You would think this would shake this group of people.
Bitcoin is struggling to retake the $9,000 level after its spectacular implosion last month - its worst since the very early days of bitcoin when the price of a single token was much, much lower - but the selloff that left millions of marginal investors around the world holding the bag hasn't dampened the enthusiasm of the virtual currencies most dedicated evangelists.
This generation embraced bitcoin as their "gold" which is a far-cry from how the baby boomers viewed things.
"Crypto is millennial gold," he said. "To baby boomers, gold was gold. That was the thing to go to. Now crypto is the new gold and it's going to be the same way. History has a tendency to repeat itself. From gold to virtual gold."
Volatility means very little to this group. Bitcoin has experienced many ups and downs ever since it came into being almost a decade ago.
"I've seen this dance before. It's just like the internet in 1986 before the web came out," explained Dave, a man in an oversized black and gold bitcoin tee shirt. "This is just the beginning. The volatility is like little bumps in the road. Five years from now, every small change will hardly be visible."
For better or worse, this generation is married to bitcoin for the long haul.
Non-adapted content found at zerohedge.com: Source
You either believe in gold, and any other precious metal, or you don't. Stop comparing, thinking that because its value as measured in fiat might be up, down, or standing still. If you lust after its value in terms of fiat then you do not understand why you've invested in gold. If you have gold and it's in your personal possession, in a safe place, then you can rest assured that you are fine. So long as no one can take it from you. Why would you care about its value in terms of fiat? Aren't you investing in gold mainly because you fail to trust central bankers? I know and you know that this casino can only last so long.
No matter what happens to you, decentralization is inevitable. It's the encrypted digital currency future is a brilliant future
We the millenials have been through the different transformations in technology and adopted to each that replaced the other; adjusting to new programs, operating systems, devices. And now the fall in bitcoin prices could not shake us because cryptocurrency is going through lots of transformations, with countries starting to realise the value in the market and making policies that accept and govern the use of cryptocurrencies.
These new changes are something we've learned to adopt to, and we already know where the future of cryptocurrency lies.. as it's getting more embedded into the public. A temporary fall in prices is something that can never sweep away the true belief we have in bitcoin.
I can understand gold bugs and the original Bitcoin aficionados. The global economy is living beyond its means and financing its lifestyle by issuing a lot of debt. Normally this behavior would cause higher interest rates and inflation. But not when you have central banks. Our local central bankers simply bought this newly issued debt and brought global interest rates down to near-zero levels (and in many cases to what would have been previously unthinkable negative levels).
There has been a degradation of trust in governments, I no longer feel those elected represent my will or of most other people. They control the money and power, but we have created new money and governance to become independent again! The invisible hand will no longer be invisible and we create ways of exchanging our digital dollars instead of government issued dollars.
My perception leads me to wonder what the final problem these kinds of governance will have to solve: How to Operate a Decentral Defense network. The US has a military which could end the world many times over. The last hurdle for crypto economics to solve will be how we solve decentralized safety. There need to be reasons for individuals to feel safe in their day to day lives, today it mostly comes down to where you live and local perception of threat.
I would love to have a conversation regarding this topic
SteemOn
The BTC generation!! good name for it! "We Believe in the Tech"
As you said, this new generation is ready to change the world, and I think that´s one of the main reasons we see so many investments everyday in crypto. Especially if the markets are going up :D
Funny how we generation X folks got sidestepped in this article.
-We invented the internet ...Damnit!
-We are mostly parents to millenials ...so our kids are basically most tech savvy because of us.
(Not all parents though...im still explaining google home to my millenial better half.)
Funny thing,i believe my generation (X) welcomes crypto because its the next step of innovation.
I look at this Blockchain generation (as opposed to my Internet 1.0 generation)
My 2 young kids (generation Z) will be those to create & foster AI,see crypto really be used as currency...
Go to Mars.....then invent skynet...
Well you know how that ends.
Great post @Zer0hedge
Like your post
true. this generation is a bitcoin generation.this is because people are tired of the central bankers,governments, controlling everything to enslave us.bitcoin is the awakening for the future.
Nice share bro... I hope i can post like this...
@zer0hedge I need you help .