A recent report by BBC News details that Generation Z (abbreviated as “Generation Z”) is completely obsessed with the appeal of cryptocurrencies and non-fungible tokens (NFTs).
She’s how Wikipedia defines Gen Z:
“”Generation Z (or Generation Z for short), colloquially also known as the Zoomer, is a demographic cohort following Generation Z and Generation Alpha. Researchers and popular media use the mid-to-late 1990s as the beginning of the year of birth and the 2010s as the end of the year of birth. Most members of Generation Z are children of Generation X.“”
Generation Z is obsessed with the volatile and decentralized nature of cryptography, according to a BBC report. The report introduces 20-year-old Paxton See Tow. He states that he was first involved in cryptocurrencies after hearing his friends praise digital assets. Tow said his original intention was to see if he could make some money from a new phenomenon that could be easily traded with just a few clicks on the phone.
With an initial investment of $ 1,000 in Bitcoin, Paxton immediately tried to make a 10% profit and quadruple the investment. But when his price plummeted a year ago, he was burned.
“”The phrase “buy cheap, sell high” is always there, but I did the exact opposite. I make my feelings better.“”
The report cites another trader, Kelvin Con, who lost more than $ 500,000 in 2018 after issuing six numbers from the previous year’s crypto trading. Kong said he “lost everything” in the 2018 market crash, but continued to buy cryptocurrencies, partly because of his invincibility.
Eventually, Kong claimed that he had hundreds of dollars left in his bank account and began to suffer from a decline in mental health.
“”I think I’ve almost fallen into depression. I had suicidal ideation.“”
Kong told BBC News that he was concerned about the popularity of cryptocurrencies and NFT trading among young investors, warning that “many of them will lose money at the end of the day.”
As the report points out, cautionary statements like Paxton and Kong do not seem to discourage Generation Z from continuing to invest in digital assets. Andy Leach of Singapore’s Promises addiction clinic Visions said he saw young, especially male clients, engrossed in crypto trading.
He explained the dangers of crypto trading:
“”You can see Bitcoin go up and down, and basically this process, this roller coaster ride, highs, lows, it’s available on your phone 24/7.“”
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The views and opinions expressed by the author or those mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading crypto assets carries the risk of financial loss.
Featured images via pixabay.com by “amhnasim”