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A few years ago, cryptocurrency was only deemed as an investment scheme for dropouts and a mode of investment for a handful of people. However, since we have observed massive institutional adoption in the last 12 months, the landscape of financial markets has started changing.
Even some of the most established organizations, that once bashed cryptocurrencies merely for their existence, have started adopting them either for diversifying their portfolios or as a mode of payment on their websites.
Apart from the institutions, this trend seems particularly common among millennials and is growing every week, so let’s understand the reasons.
This is the foremost reason for anyone investing in cryptocurrencies, Bitcoin and Ethereum in particular, for the mid to long term. Just to give you an idea of exponential growth in the initial years, Bitcoin alone gave 1473%, 186%, and 5507% returns in the years 2011, 2012, and 2013, respectively.
It is almost impossible for the stock market to perform as such and make someone an “overnight billionaire” unless you invest in IPOs.
In most cases, these exponential returns are quite difficult to achieve even if you combine a layman’s holdings in stock, derivatives, and bonds.
In order to get into the stock market, you need to be at least 18 in several countries and a hefty sum is required to just gain the entry along with a ton of paperwork. This makes it a very uninteresting option for millennials who want to get into a niche very fast.
In the crypto industry, all you need is the internet and a laptop or mobile phone. That’s it. There are no minimums, no age restrictions on most of the platforms, and anyone across the globe can be a part of it.
Since the crypto market is decentralized, has no offices, and is entirely digital, anyone can trade or invest in them at any time. Let it be the lockdown, holidays, or anything else – these markets never close.
This is particularly important for millennials as they are often students or in their hustling phases so they might be doing several other tasks as well and might allocate only 2-3 hours after midnight to trade cryptocurrencies.
This luxury is not available in the stock market and it would never be possible as well since there are several middlemen involved and in order to make these markets work, a huge workforce has to be in the office.
You can make fun of this point but in the last few years, it has become a fashion or rather trend, especially for millennials, to be a part of the crypto frenzy. This trend has allowed hundreds of youngsters to become millionaires way before their fellows who attended college could even get the job.
As a result of this trend, not only millennials, but even people in their 40s are going aggressively for crypto holdings to make it their retirement fund.
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