Bitcoin remains the leading cryptocurrency in the world. Ever since its launch in 2009, the coin has kept its place as the most valuable token with the highest market cap. It is so influential in the crypto market that it determines the general market movement.
These top qualities have been derived from the various Bitcoin top qualities like security and decentralisation. That is why even though it is expensive to acquire, it remains the most traded cryptocurrency. The investors are willing to buy fractions of the tokens as they enter the crypto market.
However, now more than ever Bitcoin seems to have a challenger.
The millennium investors have seen enough of the Bitcoin dominance, they are now looking for other options in the altcoins market. Altcoins are the cryptocurrencies released after Bitcoin. Most of them tend to improve on Bitcoin by solving the underlying issues and offering better networks both in functionality and security.
Having been the leader of the market for so long, the millennials are already considering Bitcoin as the “dinosaur of the cryptos”. Most of the younger crypto investors refer to Bitcoin in social media as the “boomer coin”. Whether it is for the negative or positive reference in Twitter or Reddit, a conversation with #Boomercoin passes as Bitcoin.
Does the “Boomer Coin” tag impact Bitcoin’s investments and future?
The Boomer coin tag is unlikely to have any impact on investing in Bitcoin 2021. Studies have established that most of the top Bitcoin investors are well-established and successful individuals. The majority of these individuals are not millennials who consider Bitcoin as outdated. Instead, they are the boomers and the middle aged who are happy to embrace the coin being associated with them.
The other reason the tag does not have any immediate impact on Bitcoin is the widespread use cases. Bitcoin is the most used cryptocurrency the world over. Various merchants already accept BTC for both online and physical payments. BTC ATMs are also becoming a common feature in different countries. Institutional investors also trust Bitcoin more than any other cryptocurrency. Moreover, various countries are beginning to accept BTC as their national currency.
By referring to Bitcoin as the “Boomer coin” does not necessarily mean the younger investors are letting go of their assets. Most of them still believe in the functionality of Bitcoin. Those who own Bitcoin are still holding them and following actively on the price movements.
To shift the market from Bitcoin dominance to the other millennial coins needs more than just social media hashtags and ravings. There is a need for investments and developments from the other alternatives. That is to say while investing in Bitcoin in 2021 and the near future remains active, it does not have long-term assurance. Instead, the millennial coins will in the long run take over as the younger investors gain more money to direct the crypto market movement.
A love of memes
One of the reasons why Bitcoin fits the “Boomer coin” reference is the seriousness of the investors. Most Bitcoin investors treat it like traditional stocks. However, such seriousness is not one of the ways to describe the millennials. Instead, these are people who want to have fun and are willing to take risks. Gone are the days when security was the main concern for investors. The new breed of investments is all about having a good time, trying out new stuff and embracing creativity.
Nothing reinforces this millennial attitude other than the rise of the meme coins like Dogecoin. The coin was launched in 2013 as a joke more than it was a crypto project. The developers were never serious about it becoming any formidable token. Fast forward to a few years later, the coin is one of the top ten cryptocurrencies with a market cap of over $25B.
The rise of Dogecoin is mostly due to its use of memes. Memes are the language of the millennials. They are used predominantly in conversations and can be used to convey all manner of messages and emotions. By Dogecoin being derived from a meme it became a sudden hit with the millennials.
The growth of Dogecoin can also be partly due to the role of Elon Musk, Tesla CEO. Musk is one of the most relatable top rich individuals with younger individuals. Thanks to his light-hearted personality. He used memes on social media which endears to the millennials. By approving of the Dogecoin the millennials responded by investing in it hence raising its value. Thus remains Musk’s influence on the crypto market, a reason he remains one of the most influential individuals in crypto in 2021.
Other altcoins like Shiba inu and SafeMoon are the other recent crypto projects to create a buzz in the crypto market.
These meme coins are coming up as the millennials are looking to have fun with their investments. The younger generation of investors does not care about the baseline of the corporation they are investing in. Instead, they want to have a collective narrative they can share among friends. This had already happened in the traditional stocks through the rise of AMC Entertainment and Gamestop.
The memes also take out all the seriousness that comes with Bitcoin boomer coin investing. Instead of having to monitor the technical and fundamental analysis and other market factors, you can have fun with the altcoins. Therefore, moving away from Bitcoin is a way for the millennials to have multiple investment options without staying stuck in the crazy Bitcoin market movements.
The Rise of Ethereum
Ethereum is the other cryptocurrency that is favoured by millennials. As the earliest crypto after Bitcoin, ETH has always acted as the best alternative to those looking to join the crypto market. Unlike Bitcoin, Ethereum is more than just a value of exchange or store of value, instead, it allows for the creation of other crypto projects.
The millennials have embraced blockchain technology. They will keep on trying out various crypto projects, non-fungible tokens (NFTs) and decentralised finances (Defi). The millennials like coding and trying out new projects. Ethereum provides a secure platform to launch the applications and other creations on the blockchain network. Anyone who understands a computer language can use the Ethereum platform to create a project.
The Ethereum smart contracts are also usable in other financial transactions and various industries like insurance, real estate and banking. Of all the major cryptocurrencies, Ethereum has the highest chance of getting approval from the millennials.
The environmental impacts of Bitcoin mining is another concern for millennials. Most millennials are woke and care about the environment and other human-centric initiatives. Bitcoin mining affects the environment and is already getting banned by corporations like Tesla and countries like China. Bitcoin relies on the power-intensive proof-of-work (PoW) to verify transactions. Ethereum on the other hand is launching a new version that uses the less power-intensive proof-of-stake (PoS) to verify transactions. This makes it an ideal choice for those who want to make blockchain a success without harming the environment.
Even though less spoken about, most of the millennials were too young to invest in Bitcoin during the early days. Currently, it is quite expensive to get a substantial amount. Instead of crying over a missed opportunity, this new breed of investors is looking for a version of their own Bitcoin.
Bitcoin boomer coin FAQs
What impact does this have on the future of the cryptocurrency market?
As the leading crypto, Bitcoin being out of favour for millennials can seem like doom for the crypto market. However, it is more beneficial in the long term future. With millennials embracing several other tokens, they expand the market hence allow for the spreading of risks. This means more investors will join the market, hence expanding the market. The crypto industry will also become more environmentally friendly as millennials embrace projects that do not impact the environment.
What potential issues exist with the “millennial coins”?
While it might seem the millennial coins are the best thing to ever happen to the crypto market, they have some concerns. One of the issues is investor confidence. Given that most of these projects start as a joke, you are never too sure of the security of your investments. When a project is started as a joke it can lack the fundamentals like a whitepaper detailing its growth plan, token security and future developments. Without all these, the projects can seem more like a Ponzi scheme or a scam than a viable crypto project.
Should you invest in “millennial coins” or Bitcoin?
Given both of the options have pros and cons, choosing where to invest can be a daunting task. However, you don’t have to waste it; invest in both. Investing in Bitcoin 2021 remains a sound investment choice. Even though it has been on a bear run, it remains the most reliable crypto. However, for the future and to spread risks, put some money on the “millennial coins”. These coins have the possibility of high growth hence high returns. You can purchase “millennial coins” and Bitcoin on the best exchanges such as CoinSpot with high competitive fee structures. Please read our CoinSpot review to discover what this Australia-based exchange offers.