On Generational Differences In Attitudes Toward Crypto
When I was taking part in the Nordic Go Championship tournament last weekend I had an opportunity to talk about cryptocurrencies and Steem in particular with the go players. Perhaps my presentation is better these days than last year but I got a sense that something has changed. All of the reservations and negativity came from those representing Generation X (my generation). What that means was people around my age (mid-forties) saying things like "people don't care" when I brought up the fact that the likes of Facebook and other centralized social medias had made their ultra-high market caps on the back of user generated data. I don't think this has clearly sunk in for most people. I do believe that most Facebook users do not even realize that their accounts may be worth hundreds or even thousands of USD if they are active users and have good jobs making them valuable targets for advertisers. If you divide the market cap of Facebook by the number of Facebook accounts, you get a little over $200. I got none of the total dismissal or blank stares I got in the summer of 2017 or in January 2018.
People at least 10-15 years younger than myself (Millenials and younger) seem very different. I was very surprised that the guy who put me up who was about 25 to 30, seemed to be quite familiar with the crypto space, including things like the ongoing issues with Tether. This guy is not even in IT. To many of them, cryptocurrencies are a natural part of the Internet, not some exotic thing associated with something horrible and a bubble that must be on its way out very soon. Some people were even somewhat enthusiastic about Steem.
Baby Boomers can be written off for the most part. I haven't encountered anyone in that age group who had anything positive to say about crypto. The older representatives of Generation X seem to resemble Baby Boomers, and not only in their thoughts on crypto but other attitudes as well, including being much keener on drinking alcohol than the younger ones. Things like racism and homophobia seem to be more prevalent among the boomers as well. The younger part of Generation X seems to be more open to current new things.
I think you are right as I don't know many others of my age who are into crypto and have very little clue actually. I think the ones who have dabbled and think they were up with technology got their fingers burnt because of greed and are particularly clueless now not knowing what to do next. The ones who invested will never tell you as their investments have lost so much they will only keep quiet. The younger generation sees it as normal and those are the ones who will lead the way. I am very rare around other people my age as they have no clue what is going on.
There must be many of those. The numbers don't lie. The $20,000 peak must have been made by these people. Successfully investing in crypto takes a lot of knowledge. For example, if one does not know about the Mayer Multiple, for example, one has no business investing in Bitcoin.
Very interesting! I will try to find out from people here.
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