Why Millennials Invest in Crypto & Not the Stock Market?

Vinod Dsouza
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Source: Pixabay

Millennials seem to be ignoring the stock market and are going all-in on the crypto market. Millennials, who constitute around 72 million people in the United States alone are fascinated by cryptos rather than stocks. While Wall Street is for the men in suits and boots in general, the crypto market is for everyone under the sun.

Cryptos hit the mainstream after Tesla CEO Elon Musk announced in 2021 that he invested in Dogecoin. Since then, the billionaire entrepreneur has been repeatedly tweeting about it adding more new entrants into the crypto-sphere. Musk is single-handedly responsible for adding millions of first and new investors into the crypto world.

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Why do Millennials Invest In Crypto?

Millennials believe the stock market works only for the rich and barely delivers life-changing returns to the average investor. After the Game Stop incident, where a bunch of Redditors ganged up against hedge-funds and purchased stocks en-masse, many more millennials joined the opinion that hedge-funds control the market and make it work only to their favor.

Also, stories about the average Joe making it big by investing in the stock market stopped making it to the news. On the other hand, stories about common people turning millionaires by investing in cryptos were splattered all over the news for close to two years. This inadvertently made millennials look at cryptos in a positive light as it changed the lives of many. Here’s a story about how a truck driver made millions by investing a mere $650 in cryptos back in 2020.

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Moreover, stories about the stock market delivering generational wealth to the common man are almost hard to find. It’s mostly filled with news about Warren Buffet and other biggies but not the average Joe. Simultaneously, the news is different when it comes to cryptos as it revolves around how anyone can make big money. Therefore, millennials believe that the crypto market can satisfy their financial aspirations and not the stock market.

In addition, millennials see the crypto market as the only source to generate big income. The other forms of traditional investment barely generate profits. Hence, crypto became the default king in terms of investments for millennials.

Post-2020, we are seeing a shift from the traditional financial market to the new crypto market which is a novice. The road is new and the crypto market still has a long way to go to the top. We’re all in this early.