Impact of Bitcoins on Millennials


It has been observed that millennials are attracted to cryptocurrencies as a cryptocurrency exchange. They do not just consider Bitcoins to be an option to invest but also endorse that it should be used as a parallel system of currency alongside the traditional currencies. The millennials have been brought up in a digital age and did not face the manual efforts that were put into the analogue systems and operations. Therefore, they are more attracted to a currency that is entirely operated digitally. Bitcoins are created, coded, used, bought and sold through cloud spaces and this makes it more exciting and user friendly for the millennials. The exchange rates offered and value for money is high in cryptocurrencies making it an easy way to earn money for the millennials. This has also led to bitcoins gaining grounds and popularity among the millennials. Millennials have had to face both the good and bad impacts of this emerging form of currency some of which will be discussed hereafter.

Impact of Bitcoins on Millennials

The impact of bitcoins on the millennials are highly dependent on activities that they strategize, plan and perform with the same. There have been observed both positive and negative impacts of the use of bitcoins on the millennials.

  • Asset allocation: Instead of owning dead assets like gold, millennials have found it to be more useful to invest in digital currencies like bitcoins. The primary reason for the same being channelizing their wealth into an alternate currency which has an increasing valuation. They are treating bitcoins not only as assets but as a great investment too. Allocating and channelizing their wealth and assets to a digital medium makes it more comfortable for the millennials who have everything from cab to food at their fingertips on digital media.
  • Increase in the number of startups: Increasing number of millennials are taking the route of owning startups instead of working for private firms or even accepting government jobs. Investments are necessary for startups to commence and the millennials see bitcoins as an effective investment in this case due to the high value they can be sold at. Millennials being a highly ambitious generation are ready to take the risk of investing in bitcoins for acquiring wealth to invest in startups instead of taking bank loans. Investment in fiat currencies can only fetch returns of 7-9% at most annually whereas digital currencies such as bitcoins have fetched even 1000% return on investments. This has given many millennials the required jolt and capital to set up their own business.
  • Retirement plans: Most of the millennials are unlikely to be getting pension even if they work in the public sector. The increasing economic disruption around the world is leading them to plan their retirement from now itself. It has been observed that the raging pandemic has instigated the risk appetite in the millennials even further. Therefore, they are seen to be investing in digital currencies which have higher possibilities of profit and revenue making than traditional fiat currencies. This helps them plan their retirement better.
  • Non-correlated asset investment: Since bitcoins do not have a specific governing force and are independent of market governing forces, their value does not depend on any external market factors. This is unlike the scenario of investing in bonds, shares or fiat currencies. This alternative investment which has an increasing valuation in the current times is attracting the attention of millennials for various reasons, therefore.


Investment in cryptocurrencies by millennials mostly have had positive impacts but has also had negative impacts on them. Since there are no guidelines or regulations on these currencies, many have used it as a path to illegal weapon possession or indulgence in drugs or other anti-social activities. Judicious use of this alternate currency can be both beneficial and serve as a great investment.

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