How Are Millennials Shaping the Future of Money?

How Are Millennials Shaping the Future of Money?

05/09/2020 by Koinal
People in the millennial age group form the largest generation of the US workforce. It is a normal progression from the baby boomers that are now in the retirement age zone. From careers to fashion to music, millennials (now aged 24 to 39) are remaking the world in their preferred images. They are the first digitally native generation, having lived a lifetime in the computer age.
How Are Millennials Shaping the Future of Money

As the largest group of moneymakers, the millennial generation profoundly influences nearly everything, including culture, fashion, music, and money. Among the remarkable trends is the tendency to disrupt the old order and insist on customized and efficient processes. Millennials reject the standard approaches like the one-size-fits-all models for financial services. As a group, they are making a difference in careers, business, and retail. Koinal offers a service that helps people of all levels of interest, knowledge, and experience enter or expand their cryptocurrency participation.

Finance Options are Expanding

In the rapidly expanding financial sector, millennials act out their independence and technology orientation. They reject the limits of traditional finance through banks and financial advisors. They increasingly seek to get rid of commissioned intermediaries. To millennials, the conventional system seems too much influenced by irrelevant factors like biases, insider information, and undisclosed connections.

Among the high growth sectors are DeFi solutions for personal finance, borrowing, and savings. The millennial generation prefers to use trustless systems operating on cutting edge technology and innovation. Ethereum supports a virtually unlimited number of potential programs and applications that can perform using smart agreements. This type of technology appeals to the millennial generation because of its high-degree of personalization.

Cryptocurrency is a Key

Millennials can use cryptocurrency to enter DeFi platforms. These platforms can offer a high interest in savings and personalized options for borrowing, such as collateralized debt positions. Cryptocurrency is also a key to fintech innovation as it supports projects and efforts to expand investment and venture funding.

Millennials are far more likely than earlier generations to invest in private companies rather than publicly-traded companies on the major stock exchanges. This willingness to engage in projects include those with an appeal to generational interests. Millennials would be far more inclined to support projects to prevent environmental damage and correct the harms of the past. Recent trends suggest that millennials may key a revival of the DAO (decentralized autonomous organization) model in new law and services. These permission-less structures accept investment without permission and pay attractive levels of interest.

In venture capital, millennials have changed the future of money sources for start-ups. They are accustomed to the risk and reward of spontaneous start-ups that can shift an entire industry’s focus.

Millennial Investors Like Cryptocurrency

Millennial investors like cryptocurrency and do not like dealing with intermediaries. Statistics show higher levels of cryptocurrency acceptance than the overall population. Some industry surveys show that about eighteen percent of millennials have Bitcoin, and over forty percent say they intend to buy it. Many agree with the idea that cryptocurrency is already an essential factor in economic growth.

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