Why Boomers Want Millennial Crypto To Fail

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Last Updated on 12 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin has been on an absolute tear during the Covid-19 pandemic. In March 2020 it fell to a value of about $4,000 when global investors realized that a pandemic which seemed to be contained in China would spread globally. The images coming out of Italy caused a market crash in the half of March 2020 which wiped billions of global banks’ balance sheets and caused Edward Snowden to proclaim that Bitcoin at $4,000 looked quite cheap.

18 months on and Snowden has been proven right. With Bitcoin breaking the $70,000 barrier almost and numerous altcoins rising to levels unseen this year, it’s clear that crypto is an established industry which financial markets will have to learn to live alongside of.

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Boomers at banks

However, one fact remains, namely that whenever Bitcoin falls 10 to 20% in a matter of days when whales take their profits, Boomers working for global media are eager to report on it in terms that seem to mean all hell is about to break loose. Last such time was on 29 October when Bitcoin took a breather and fell below $60,000. Oh dear lord. CNN, Fortune and Bloomberg all released screaming headlines warning people that crypto could crash at any time. Millennials were not worried and kept buying Bitcoin.

So why does crypto seem to be a clash of generations?

Well, memestocks might provide an answer. The fact that a group of Redditors was able to take down a Wall Street hedge fund (read the WallStreetBets GameStop saga) is a pivotal point of the clash of generations currently ongoing.

According to many Boomers (writing for global media and working at banks), crypto has no inherent value, while according to Millennials, many of the previous generations have been bailed out (2000-2001, 2007-2008) by government spending that future generations will have to pay for in taxes. This is why they are upset. This is perhaps one of the reasons why the current Generation Z or the iGeneration if you will, is into crypto.

No real bear market

This is an entire generation of investors who have never seen a real bear market (the last one was 2007-2008 or some 14 years ago now) and they therefore want to believe that the only way is up.

They do not trust big government anymore as it has given them a climate crisis and taxes to pay off their father’s debt. For this reason, the neverending rollercoaster ride of crypto investment, DeFi, NFTs and memecoins is so attractive. Because the former generation doesn’t understand it and it clearly upsets them that young people want to believe in a future for crypto.

For all the above, be sure that the next time Bitcoin drops $10k in two days, cue the screaming headlines on Bloomberg, CNN, the Wall Street Journal and all others. But will it change the way millennials think about this new asset class which crypto now is? Not in the slightest.