While Bitcoin is relatively new to common investors, the next generation has already declared it the dinosaur of cryptocurrency.
“We love to tease Bitcoin. They’re always very serious.”, billionaire Glauber Contesuto, 33, mentioned to CNBC.
On social media platforms like Twitter and Reddit, Generation-Z and young investors have started calling Bitcoin a “boomer currency,” especially during the crypto fire sale on Wednesday.
Many investors of this next generation prefer to buy other digital currencies known as altcoins or simply as “coins”.
One Twitter user even went so far as to declare the cryptocurrency dead. Saying “RIP BOOMERCOIN” along with “#Bitcoin”.
Another Twitter user stated: “I don’t understand why people still have BoomerCoin” as the price of bitcoin has plummeted.
Of course, not all investors in this group concur; many of them remain bullish on bitcoin, while simultaneously investing in other cryptocurrencies. A Reddit user wrote an impressive post titled “The Reason I’m Still Bullish On BTC, the ‘Boomer Coin’. “
Bitcoin, the largest cryptocurrency by market value, was launched in 2009 and is seen by its supporters as an investment that will appreciate over time. Bitcoin’s lucrative journey has opened the door to altcoins, like dogecoin, which was originally created as a meme.
Needless to say, any investment in cryptocurrency is considered risky. Experts warn that investing in cryptocurrencies is highly speculative. They advise to only invest money that you can afford to lose.
However, many altcoins have gained popularity in recent times, as some younger investors seem willing to take this risk.
“[When] enthusiasm for finding the next big thing with risk tolerance and unprecedented access to business applications, and you have a generation that does not follow the conventional wisdom of traditional investors,” said John Woo, president of Ava Labs, supporters of blockchain.
He said: “This generation is too young to embrace Bitcoin and is currently looking for the next big thing that will bring more returns to their investment.”
In fact, even down from an all-time high of $ 64,863, Bitcoin was priced at over $ 42,000 per coin on Thursday morning. On the other hand, Dogecoin, which has skyrocketed in recent months, is currently worth around $0.38.
Although Dogecoin was launched in 2013 on the basis of the “Doge” meme depicting a Shiba Inu dog, it is currently one of the top 10 cryptocurrencies. Dogecoin has a market value of more than $ 53 billion.
“Dogecoin is the currency of the millennials,” said Contesuto. I believe that memes are the language of millennials. Memes are the language of our generation, Generation Z.
“[With Dogecoin] the meme is the message,” CoinShare chief strategist Meltem Demirors told CNBC. “As the influence of FinTwit [Financial Industry Twitter] grows, so do the memes and the way they that move our market “.
“We focused on Doge because it was very familiar,” said Contesuto, “We come from a world of memes and the future is coding, so it makes perfect sense for us to combine the two.”
Other altcoins, such as SafeMoon and Shiba Inu (known as “Doge Killer”), have been boosted by recent social media hype, but are also seen by experts as risky investments. Some have compared SafeMoon to a Ponzi scheme and fraud. There are countless options, from Ethereum and Binance Coin to Cardano and more, all with powerful communities built around them.
In fact, for the next generation of investors, referring to Bitcoin as a “booming currency” can be a way to support altcoins of their choice.
“It’s a whole new world for most young investors who are now entering it. You start looking and investing because you hear that you can make money.” But then they discovered society … and it became more than just making money. It gives all of us a greater purpose as a team. “
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