Bitcoin and other cryptocurrencies may be falling faster than Santa down a chimney, but that hasn’t stopped teenagers requesting digital gifts this year more than ever. ‘The Holiday 2018’, a report published by investment bank and asset management firm Piper Jaffray, states that for the first time American teenagers have shown a preference for digital currencies, such as cryptocurrency and ‘V-bucks’ the fictitious currency used in the game Fortnite. Theses choice come in place of other previous staples such as gift cards, cash, or even money for gas.
Tis’ the Season for Digital Currency
The revelation that many teenagers would prefer cryptocurrencies over cash is a potentially interesting one. This is because it highlights both the generational divide in the opinion of the asset class and the potential for a forthcoming shift in how we use cryptocurrencies in the future. It is no surprise that the likes of Warren Buffett and Charlie Munger (average age 91) have gone on record to state their dislike (and lack of understanding) of cryptocurrencies. On the other hand, various studies have reinforced the notion that teenagers and millennials are much more open to using and investing in them.
As with many things, when it comes to baby boomers and millennials, the two sides could not be further divided. Seeing as the younger generation will be the ones driving the economy of the future it will be interesting to see which way the trend goes.
The Dawn of a Revolution?
The question of which cryptos America’s youth want to buy is fairly straightforward and perhaps unsurprising; a YouGov poll from September found that Bitcoin is the best-known cryptocurrency with Ethereum the second best-known, marginally ahead of Litecoin.
The good news for Santa is that he can do all his shopping on Coinbase without risking some slightly more suspect exchanges. Although, this development could spell the end of the traditional letter to Santa, or at least some could soon come with QR codes attached.