The digital currency has already turned early adopters into millionaires, been marketed by Ashton Kutcher and Paris Hilton, and stands for everything that millennials are jaded about in terms of traditional markets and investments, which is exactly millennials keep bitcoin for rainy days.
Getting Involved in a Bitcoin Club
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Foundations of old finance shaken
While those who are using and involved in Bitcoin still make up less than a percent of the population, there’s a growing number of young people in the millennial generation who are turning away from traditional financial empires.
If this trend continues, it could spell the eventual end of the banker, as they go the same way as the travel agent and the library.
Roshaan Khan, a 20-year-old senior at Virginia Commonwealth University, is one of those millennials. Khan recently invested in Bitcoin and Ethereum — another form of cryptocurrency — and is encouraging his friends to do the same.
“All of my net worth is in cryptocurrencies, because I see them as the best way to escalate my ability to be financially secure and pay off my student loans,” Khan said. “I like the idea of decentralization, the fact that there’s a lot less corruption and political ties. That idea appeals to me … Not having to go through banks. Having financial control over our lives again.”
No bankers go to jail
Andreas M. Antonopoulos, the author of Mastering Bitcoin and The Internet of Money, is familiar with this mistrust. The idea of Internet money makes sense in today’s world and appeals to the new generation, but more than that, it is a system that has not betrayed millennials. <Read More>