Cryptocurrencies, “the goose that lays the golden eggs” of Generation Z: almost 60% of investors believe they will make them millionaires

Who doesn’t want to become a millionaire overnight? Practically since money has been around, people have looked for ways to increase their income. One way to do this is by working, but it’s human nature to do it faster and, if possible, with less effort. So it is not surprising that the world of cryptocurrencies attracts so many people, especially the youngest.

Almost 60% of Gen Z investors, born between 1994 and 2010, of the United States are convinced that cryptocurrencies will make them millionaires, according to a recent study by Engine Insights. This is due to their status as digital natives, which allows them to feel more comfortable investing in these types of assets, but also because they are one of the most concerned about their finances.

In the United States, this generation, which includes more than 70 million people and the most diverse in its history in terms of race, ethnicity and sexual orientation, has the perception of being faced with a much more disheartening financial outlook than those that preceded it, says Kathy Sheehan, SVP of Cassandra, a division of Engine Insights, speaking to Business Insider.

The appetite for risk is also greater than in other generations. According to data from the survey, in which more than 1,000 people participated, Gen Z investors are three times more likely to buy digital assets than baby boomers. On the other hand, they are twice as likely to consider virtual currency as a “legitimate currency”.

Danger of addiction

However, your advantage as digital natives can end up in a problem. Your increased appetite for risk, combined with cravings for quick money and social status, as well as the increasingly widespread “fear of letting it go”, commonly known as FOMO (Fear of Missing Out), they are the perfect cocktail for addiction.

Although it is not yet considered as a mental illness or disorder, cryptocurrency addiction presents the typical symptom picture of these phenomena: anxiety, depression, irritability, passivity in social relationships, debt, abandonment of work or studies, among others.

The dopamine rush they experience when they make money investing in crypto assets is the same that is achieved with other addictions, such as gambling. The constant search for that reward is responsible for this behavior becoming a dangerous habit in which which people lose thousands or millions of euros.