The crisis of 2008 caused people to be more cautious in respect of securities, banks, insurance, investment companies, joint funds, etc., resulting in a drive of attention by the Americans towards cryptocurrencies, with a distinctive feature of decentralization. People saw the opportunity to secure a financially independent future through investments in cryptocurrencies, in particular, bitcoin and ethereum. Electronic wallets, therefore, are regarded as a depository of retirement savings.
Millennials, who saw the economic crisis in 2008, are now watching how anti-globalization populism undermines the stability of the world economy – and as a result, people tend to trust and choose alternative economic systems, instead of classical ones. Realizing the consequences of what is happening, the modern young people do not count on financial viability in the future.
Surprisingly, the cryptocurrencies with their own laws of the market, once thought to be “wild”, are now seen as a means of gaining financial independence and a foundation for a secure future. Investing in cryptocurrencies is gaining the momentum it deserves and is considered today a rational choice.
Teddy Wayne, a correspondent for The New York Times, stated during a survey on cryptocurrency, that the current young Americans, being aware of the instability of the economy and the uncertainty of their future, believe that the presence of a cryptocurrency in a digital wallet will protect them from fluctuations of various economic indicators. Student debts, housing, labor market instability, high competition – all this only exacerbates the situation.
According to the American correspondent, those who invest in the cryptocurrency are not afraid to be left without any pension. People prefer to keep their assets in electronic wallets, not in investment funds.
Difficult financial situation makes people live in the hope that someday the 100 dollars they have invested will become 100 million dollars. Similar luck was evidenced by those who invested in Bitcoin in 2010.
Among those people, there is an understanding that investing in cryptocurrencies will not bring instant enrichment. The acquisition of a digital currency is seen as a long-term investment that can provide a comfortable retirement.
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