Digital assets and cryptocurrency have been all the rage recently, especially in the upcoming generation. Digital assets are not in the form of tokens or crypto collectibles but they go beyond that. Gift cards have been quite popular before crypto entered the realm of digital assets.
The two things that were rated the highest according to The Holiday report released by investment bank and asset management company Piper Jaffray revealed that in a poll that was conducted, American teenagers preferred cryptocurrency and V-bucks – a currency used in the popular video game called Fortnite – to buy cash, gift, cards, and gas money.
Cryptocurrency and Fortnite
This just goes to show that cryptocurrency is no longer viewed just as a medium of speculative investment but it goes beyond that. The generational shift towards digital assets indicate that cryptocurrencies are now looked at as a medium of exchange and teenagers are more likely to use that.
And, if teenagers are using cryptocurrencies and other digital assets in place of cash and gift cards, it means that the mass adoption is set in motion and the circulation will increase even further.
The wildly popular video game that as everyone jamming to its dance moves; Fortnite has grossed more than $300 million since its launch on the iOS platform alone. It is introducing a new generation that can carry out purchases and trades across a huge digital ecosystem using a medium of exchange that is somewhat like fiat currency.
Currently, the fiat to V-bucks exchange rate is at $9.99 to 1,000 V-bucks. Users can use it to make in-app purchases and buy outfits for their Fortnite characters. But here’s the catch, when it comes to refunds, they are not made fiat currency but V-bucks. This further increases the usage and engages them even more in the Fortnite ecosystem.
The Generational Divide
The only problem that now seems is the generational divide between the baby boomers and the millennials. The age-old stereotypical labels that we use to define the two, can be applied here as well. Baby boomers are not fans of technology hence are skeptical of cryptocurrency too.
According to CNN, bitcoins were described as “a bunch of computer code that a bunch of criminals, idealists and speculators agree is worth ‘real’ money.”
Baby boomers could really bump up the game for cryptocurrency if they start believing in it more. On average they have $24,000 in savings which is 10 times as much as millennials. But it seems that less than 2.5 percent have expressed their interest in it.
We can only hope that baby boomers start looking at the potential crypto has to offer and put their savings to good use.