According to a recent report by Coinbase, the younger generations, known as Generation Z and Generation Y, are experiencing disappointment with the traditional American dream and financial system. The report suggests that young Americans are more open to non-traditional paths, such as crypto, for financial independence compared to older generations.
The American Dream According to the Younger Generations
According to the Coinbase report, young people find the American dream unattainable due to high housing costs, inflation, and an outdated system. Instead of following traditional routes in the finance industry, they are actively building new models of work, ownership, and finance that are more flexible and not reliant on traditional intermediaries.
Furthermore, the younger generations are actively exploring new economic expectations. The report reveals that they are preparing for a modernized system and a rejuvenated version of the American dream by harnessing technologies like cryptocurrencies to modernize this system.
According to the details in the report, nearly 38% of the younger generation believes that crypto and blockchain technology offer economic opportunities beyond traditional finance. In contrast, this percentage is only 26% among older individuals.
The Younger Generation Will Make an Impact on the 2028 Elections
31% of young people own crypto assets, while this percentage is only 12% among older individuals. 16% of young people show more interest in crypto assets as a global currency, compared to 10% among older individuals. 38% of young people believe that the crypto market will be the future of finance.
According to a section in the report, young people not only own crypto but also recognize its potential by seeking crypto education. According to Brookings Research, the younger generations aim to vote for forward-thinking candidates in 2024, and the Y and Z generations, who currently make up approximately 40% of the voting-age population, will constitute the majority of American voters by 2028.
The report also reveals that 51% of the younger generation are willing to support candidates who are favorable towards crypto in the 2024 elections. 39% of young people believe that politicians should support initiatives like cryptocurrencies and blockchain technology to benefit future generations.
