Gen Z Hates Crypto. Can Facebook’s Libra Change That?
Most “Gen Z” Americans have no plans to get into crypto. Hard to believe as it may seem, this was the result of a survey of 1,884 young Americans published by Business Insider.
The firm responsible for conducting the investigation was Cint, a company specializing in the analysis and exchange of data. The study wanted to “learn how Generation Z views the world, including how it thinks about time and money on the internet and in the physical world.” This included researching their interest in crypto and digital assets.
Gen Z Hates Crypto, but Millennials Love It
Gen Z includes all teens, and although there is no exact categorization, it is correct to say that this is the post-millennial generation including those born between 1995 and 2012.
The study revealed that 53% of those under the age of 25 want nothing to do with cryptocurrencies. Seventeen percent of those polled think it’s “not so likely” they will invest in crypto during the next six months.
So, in total, 70% of Gen Z’ers dislike crypto, and only 30% are interested in it.
These results contrast sharply with the preferences of the Millennial generation. As reported by CCN, crypto is very popular in this age segment, with more than 55% of the population interested in investing or already having investments in digital assets.
Facebook May Be a Game Changer
The bullish behavior of bitcoin (BTC) during 2019 so far has increased its popularity, and several analysts believe this year represents the beginning of alt season. However, what could really stimulate Gen Z’s interest in using crypto and blockchain technology is the success of Facebook-promoted stablecoin Libra.
It is possible that in a short time, the source code of Facebook, Instagram, and Whatsapp will ensure their interoperability. Also, the social media behemoth has expressed its interest in making Libra a globally accepted crypto, allowing money to be freely sent between its platforms.
If Libra overcomes multiple obstacles that are appearing before its launch and gets to be released next year, it is possible that in a short time, Facebook, Instagram, and Whatsapp users will be sending money through those platforms just like they “Venmo” each other right now.
However, the important thing behind having Facebook as one of the main sponsors of this cryptocurrency is the significant number of users relying on its platforms. According to Sprout Social, more than a quarter of the entire world population uses Facebook at least once a month, and nearly 1.5 billion users check their accounts once a day.
In terms of age, 88% of the population between 13 and 17 years old and 84% of those between 18 and 29 years old use Facebook regularly.
The statistics are also very promising for Instagram: 72% of children under 17 and 64% of those aged between 18 and 29 use this social network.
Whatsapp is also very popular among GenZers. According to Statista, 38% of its users are between 18 and 24 years old. Obviously, this proportion would increase if those between seven to 18 years old were added to the equation.
This might mean that Facebook could put a crypto wallet in the personal accounts of billions of people around the world, making money transfers as easy as sending a message or a photograph today and changing the way Gen Z’ers perceive crypto
After this, the use of cryptocurrencies or blockchain technologies could cease to be a curiosity and start becoming a necessity. This technology could replace the traditional means of money transfers in a way similar to how emails replaced letters and social media changed the business of photography.
2. Now, a few days out, I think the problem is different and bigger: a new layer of monetary control between central banks and individuals, mediated by corporations. My piece today in the FT: https://t.co/Pc1vM3hHpr
— Chris Hughes (@chrishughes) June 21, 2019
4. If #Libra is successful, the problem will be bigger than more power for Facebook. We’ll have to answer whether we want a global currency managed by (mostly) for-profit, private companies or public ones.
— Chris Hughes (@chrishughes) June 21, 2019
But this is already pure speculation. World banking is not your typical weak industry that can be easily killed, and there is an ongoing strong political, economic, and technological pulse behind Libra. So it’s easy to expect a few surprises along the way.