Research Shows Teenagers Prefer Cryptos Over Gift Cards

A recent study by Piper Jaffray has revealed that most teenagers would prefer to be given Crypto and Fortnite V-bucks than gift cards. V-bucks are the digital assets used in Fortnite, a popular video game among teenagers. Although the “baby boomers” could help in boosting Crypto investment, only less than 2.5 percent of those in this category have interest in the Crypto according to a recent study.

Cryptos Top Christmas Wish Lists

Cryptocurrency and digital currencies are fast replacing the traditional gift cards among teenagers. According to the Holiday 2018 report prepared by Piper Jaffray, most teenagers would prefer the digital assets to gas money, gift cards, and cash. The study shows a generation change where the younger generation is comfortable with technological products while the older is still conservative. Furthermore, it shows that more people are now viewing Cryptos as a medium of exchange unlike in the past where they have perceived it as a speculative investment.

About Fortnite’s V-Bucks

Fortnite is a video game especially popular among teenagers. The game was launched on Apple in March this year, and since then it has recorded over $300 million revenue on the iOS platform alone. Whereas most games use fiat currencies in the payment systems, Fortnite has introduced V-bucks which is a kind of a digital currency. The move by this gaming company to introduce digital assets has helped to enhance the popularity of Cryptocurrencies among the young generation.

Fortnite players can use V-bucks digital assets instead of fiat currencies to settle their in-game upgrades and among other things. The users have to get used to this financial ecosystem given that even the refunds are made in this coin. Currently, $9.99 can buy 1,000 V-bucks.

Fortnite’s financial approach appears to be working. According to the study, the move has helped in attracting more teenagers to the platform than driving them away. Fortnite had taken a risk to introduce the new idea in an area once dominated by fiat. The company cannot regret its move given the warm reception it has received especially when their revenue is put into consideration.

Generational Change And The Demand For Cryptos

“Baby boomers,” a term used to refer to Americans born before 1964 are not fans of Cryptocurrencies. Millennials, on the other hands, are big fans of the digital assets. Maybe this could be explained by the fact that Cryptos are a product of technology. As such, the older generation may have little understanding of the technology accompanied by trust issues making it hard to sell the idea to this age group.

When it comes to finances, the boomers have more control over the economy that the millennials. With savings of about $24,000, the boomers have 10 times more savings than the millennials. Despite their financial strength and capacity to boost Crypto investment in the short term, only less than 2.5 percent of them have an interest in investing in the sector.

One major benefit of the Cryptos being popular among the millennials is that it offers them a bright future. As this young generation becomes more powerful economically so is the popularity and use of Cryptocurrencies expected to grow. Although there may be no reliable source of huge short-term Crypto investment, it’s only a few years before the digital assets become the preferred payment methods.