Category Archives: Millennials

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South Korea’s “Sampo Generation” Find Escape in Crypto Amid Rigid Society

South Korea's

For many of South Korea’s millennials, cryptocurrency has proven the only way to escape the rigors of the country’s social demands.

Many of South Korea’s young are now calling themselves “dirt spoons”, a reference in South Korea to economic and social status, with gold and silver spoons being the best off and dirt spoons being the worst. Older Koreans refer to millennials as the “Sampo Generation” — literally, “three-giving up” generation — due to their rejection of courtship, marriage and family, the three essential elements of traditional South Korean society.

A generation of young South Koreans have sought out cryptocurrencies as a way of avoiding what they see as dead-end jobs and no future, which has created a huge crypto industry in the country as a result. It is an industry which has seen a total of USD 6.8 billion in cryptocurrencies changing hands in January alone, now becoming the world’s third largest market behind the US and Japan.

“There is no true opportunity in South Korea for the average young person,” said Kim Han-gyeol, 23, a part-time software developer for an e-book company. Kim lost money after making a large profit originally by investing in cryptocurrencies before the fall in the market.

“I felt a sense of shame when I lost money on my Bitcoin investments, not once but twice because of my greed to make a fortune in one go,” she said. But, she added, she’ll stick to digital coins. She said, “There is nowhere else to go to recover my losses anyway.”

Success for the young Koreans means a government position or a job at a small group of family-owned conglomerates selling products that South Koreans commonly purchase. Some of these positions even require a university education with only a handful of local institutions available to choose from; these are highly competitive, and often require long waits numbering years in order to secure a place.

With youth unemployment in South Korea running at 10.5% — the highest in Asia — it is not hard to see the attraction of cryptocurrency investment for many of the country’s young and unemployed.

The cryptocurrency industry has caused a huge wave of interest amongst South Korea’s millennials since 2017, and given time may spark the flame of a huge resurgence in East Asia in the coming months and years.

 

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Millennials Could Drive Crypto Industry by Ditching Banks

Millennials Could Drive Crypto Industry by Ditching Banks

The current levels of cryptocurrency adoption by millennials is seen by many analysts as a negative sign for traditional banking as more and more of this age group become disillusioned by the current financial system.

The general view borne out by much research on the subject is that millennials simply don’t trust banks. Research conducted last year by Edelman Intelligence, a global, research and analytics consultancy owned by Edelman, the world’s largest public relations company, showed that 77% of prosperous millennials feel the traditional financial system is “designed to favor the rich and powerful”.

The statistics are revealing, and that lack of trust led to the same nearly 4 out of 5 respondents to predict that another global finance crisis was imminent due to the banking system’s “bad behavior”. Another 75% were worried that the global financial system was at risk of being hacked, causing the respondents concern about the potential loss of their own private financial information.

Thus millennials are putting their faith elsewhere, as the figures illustrate: some 17.2% of millennials own cryptocurrency. According to Edelman’s study, a quarter of wealthy millennials own cryptocurrencies, a further 31% are interested in crypto, and a huge 74% put their faith in blockchain as a far safer system than the global financial space is currently able to offer.

Another survey by Sustany Capital showed that 88% want to invest in cryptocurrency and 42% like to “use cryptocurrency as savings”. The switch from conventional banking becomes more feasible for many given more education, with another survey revealing that 97% of surveyed millennials and generation X’ers said they would like to learn more about the workings of cryptocurrency. Many felt that they would be more likely to invest with financial advice demonstrating a potential professional gap in the market.

As millennials search for a whole new way of conducting their finances in a way where they can help themselves, rather than simply feed banking institution profits, cryptocurrency is becoming considered far more seriously than the early days where it was seen by this age group as just a hit or miss gamble.

As for Bitcoin’s stability, much disputed in 2018, Bloomberg shows that even with the price of the cryptocurrency dropping by 80%, the total number of users starting in the same period has doubled to 35 million.

 

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Bitcoin Black Friday Parody Hits Right Note with Young Investors

A video parodying American YouTuber and singer Rebecca Renee Black’s 2011 single “Friday” has already won 1,200 young admirers.

Black gained extensive media coverage when her hit single went viral on YouTube and other social media sites. “Friday” was derided by many music critics and viewers, who dubbed it “the worst song ever” but this didn’t stop it from achieving 127 million viewers from among the young YouTubing community.

The parody, released by “Crypto Finally” and promoting trading platform Bitpay, clearly went down well at head-office, with the company expressing gratitude for the extra publicity, promising a surprise gift for an effort that had so far attracted 12,000 viewers. The video was made without any collaboration or agreement with Bitpay ahead of its production but that doesn’t seem to have troubled the Bitcoin payment platform in the slightest.

The video is clearly aimed at getting younger YouTubers onside with cryptocurrency, labeling those who haven’t yet taken the crypto plunge as “old-fashioned”. Millennials are still predominant users of Bitcoin and other cryptocurrencies, many undaunted by the market’s extreme fluctuations over the past 18 months.

Christmas is coming, and many youngsters would see Bitcoin as the perfect gift, particularly with predictions that a protracted bull run will follow cryptocurrencies’ current dip in fortunes towards mid-2019. Investors are now suggesting that Bitcoin at USD 3,000 is a perfect time to buy.

It is clear that millennials are completely at the forefront of the crypto space and that without them, it is hard to imagine that Bitcoin would have even got off the ground. “Over 82% of millennials say their investment decisions were influenced by the Great Recession when USD 14 trillion in wealth was lost,” writes Kari Paul of MarketWatch, adding that.

Paul added, “Millennials regard the stock market with skepticism. People between the ages of 18 and 39 are less likely to invest money in the stock market than are other generations, studies show.”

Falling cryptocurrency prices appear to have done little to deter the younger generation from purchasing cryptocurrencies with 55% either having purchased or looking to buy in the near future. Many young investors cite the ability to invest what they can afford to lose without impacting on their lifestyles, not using third-party institutions, and having the ability to work anywhere with easy access to funds, regardless of global location.

 

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High-Earning Millennials, the Newest Wave of Crypto Buyers

A new Clovr survey of investment potential has put high-earning millennials at the center stage when it comes to owning cryptocurrency.

These latest figures confirm with the results of other surveys conducted this year, showing that it’s millennials with money who appear to be taking on cryptocurrency in ever-increasing numbers. This is partly due to the lack of investment options in tradition areas. The Clovr study shows that it is those with annual incomes of between $75000 and $99999 that have become serious investors.

With a huge 43% of men in the US between 18 and 80 having at least some investments in cryptocurrency, it appears that there is little cooling off in enthusiasm for digital currency investments despite the drop in Bitcoin’s price this year. US Bureau of Labour Statistics Data suggests that ownership drops off to one-fourth of that percentage showing interest as salaries drop to less than $25,000 a year.

An encouraging signal for the industry emerging from this survey figures shows that one out of three US respondents say that they would be far more interested in crypto investment than traditional stocks and bonds with as many as 80% of the respondents identifying investment in cryptocurrency as less risky than the standard options available.

It is clear that millennials are completely at the forefront of the crypto space, and without them, it is hard to imagine that Bitcoin would have even got off the ground. “Over 82% of millennials say their investment decisions were influenced by the Great Recession when $14 trillion in wealth was lost,” writes Kari Paul of MarketWatch, adding that, “Millennials regard the stock market with skepticism. People between the ages of 18 and 39 are less likely to invest money in the stock market than are other generations, studies show.”

Other surveys seem to be indicating that such views aren’t simply limited to the US; with UK millennials expressing a total distrust of banks and their lack of interesting options. A survey in May revealed that 27% of Millennials viewed Bitcoin as more trustworthy than big banks, with investors preferring to hold USD 1,000 in Bitcoin over USD 1,000 in stocks; 22% suggested that they would have preferred to hold the same sum of Bitcoin over real estate investment, and 30% would take Bitcoin over government bonds.

The number of women showing an interest in investing in cryptocurrencies in the UK has gone from 6% to 13% this year.

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Blockchain Report Goes Live with Daily News Video Targeting Millennials

Crypto Culture

a BitcoinNews.com series

Part 1: Blockchain Report Goes Live

In the first installment of the Bitcoin News Crypto Culture Series, we investigate a new daily news video from What’s Trending and ICO Watchdog, Blockchain Report.

On Tuesday 2 October, the first episode of a new daily blockchain news program aired, hosted by Snapchat influencer Taylor Nikolai. Blockchain Report is a combined effort from cryptocurrency financial information service ICO Watchdog, and Emmy-nominated digital media company What’s Trending.

The short videos are looking to tap into the millennial generation’s intrigue in cryptocurrencies while providing a trusted source for information, with no underhanded selling of new tokens or products that unfortunately crop up in crypto-related media.

What’s Trending founder Shira Lazar co-heads the project and has plans to use the show to highlight women in the field of cryptocurrency. Speaking to Forbes, she described her goal of using the Blockchain Report platform to showcase both well-known women, and those under the radar who have not yet had the opportunity to make headlines.

The first episode remained shy of 100 views on YouTube at the time of press but with these big names and solid capital behind the project, it