Gen Z Invests in MemeStocks And Crypto, Bank Of America Bets Big On Bitcoin

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Last Updated on 21 July 2021 by CryptoTips.eu

Jeroen Kok

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Bitcoin bounced back above $30k only a day after it broke through the psychological barrier. At the time of writing other major coins like Ethereum, Cardano and Dogecoin are also trading in the green. Reports came in that younger generations are invested in crypto and memestocks more and more and Bank of America is betting big on Bitcoin.

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Gen Z or the iGen

Generation Z are usually agreed to be the people born between 1995 and 2012, otherwise also known as the iGen (thanks Steve Jobs). They are thus between 9 and 26 years old and face a dire economic market as they start their careers. As such, you can expect them not to trust classic financial markets too much but rather to depend largely on their smartphones and social media.

According to research on CNBC which went viral last month, this generation will decide the future of finance and they are going quite big on two things: memestocks (think Gamestop, AMC Entertainment, etc) and crypto.

Gen Z is probably holding the majority of Dogecoin for example. As they plough forward and will become the next generation of professionals, the world of crypto looks at them and tries to figure out exactly what they want. Meanwhile in the past few weeks, they are seeing their favorite Wall Street stocks slump while Dogecoin also takes hit after hit.

Bank of America bets on Bitcoin

Over on classic Wall Street itself, American business banks have accepted this new reality of crypto and memestocks and one of the majors has now started offering Bitcoin Futures.

Bank of America (BoA), the second largest bank in the United States, assembled a whole new team dedicated to the cryptocurrency market and Bitcoin futures trading.

These BTC futures be based on fiat currency settlements. Understand here that the price difference on the price of BTC at the end of the contract is paid in dollars, not in Bitcoin.

Bank of America is also expected to offer its wealthy clients Chicago Mercantile Exchange (CME) Bitcoin futures, just as rival bank Goldman Sachs did last May.

By now, it has become harder to find a bank that does not offer Bitcoin, than those that do (or are actively working on it). However, going back only to 2018, a subsidiary of Bank of America still formally prohibited the trading of such BTC contracts, these same BTC futures that the bank now offers itself. The times they are indeed a-changing.

Dmitroza / Depositphotos.com