“Both Facebook and Netflix saw their shares fall into bear-market territory on Monday (30th June 2018), defined by a decline of at least 20% from a recent peak, and nearly 40% of the S&P 500’s technology sector is in correction territory, typically characterized as a fall of at least 10% from a recent top. Twitter Inc, electric car maker Tesla Inc, Nvidia Corp, and Chinese e-commerce giants Alibaba Group Holding Ltd and Baidu Inc fell into correction territory.”See the full report for yourself, here. Now back in February, we reported on some statistics that prove people of millenial age had fallen in love with cryptocurrencies, pushing traditional stocks aside, does this weeks stock collapse prove that the millenials were right overall? Back in February, we stated:
“Those aged between 18 and 39 seem less willing to take a chance with traditional investment opportunities, with many of them being put off by the financial crisis of 2008, which saw a global stock market loss of $14 trillion. Clearly, if you were growing up or entering adulthood during those dark days, as most millennials were, the memories of the market crash will have left certain psychological scars, whether you’re aware of them or not. Bitcoin and its ilk might be more volatile, at the moment, but it’s also more open. Indeed, the very foundation upon which altcoins are based – the blockchain – is all about transparency.”See more for yourself, here. The free and transparent nature of Bitcoin and cryptocurrency reflects that of the views and feelings of the millennial generation. Being tied up with traditional stocks that have a central control (in a way) is less attractive because within stock trading, you have less freedom. Cryptocurrency is ever growing and ever changing. Yes, it’s volatile, but catch an investment on the right day and in a few weeks time, you could be up by $1000’s. We see it like this. The millenial support of cryptocurrency is what has made the markets the success they are today. When cryptocurrency is adopted, millenials will take to it first and will help to drive it into the real world. Those brought up in the millennial generation have access to the world's first decentralised cryptocurrency. Their tech savvy nature means that they can take control of their finances with ease. This is why millennials love Bitcoin and the current state of stocks suggests that actually, they were right all along.