Square Cash and Overstock’s bumps prove crypto’s youth appeal
For those who've grown up with “the cloud” and who can hail a ride with a simple tap on their smartphone, the concept of nontangible assets is easy to grasp.
A QR code wallet holding digital money is simply the next evolution of payment, seamlessly intertwined into the way that daily life is already conducted. Younger consumers’ intimacy with technology and wariness about traditional financial markets also means these demographics have more trust in crypto and are willing to put resources behind it.
The combination of ease of integration, value alignment, and complete accessibility are powerful drivers for adoption. With the support of millennials and Gen Z, digital assets are ideally positioned to achieve longevity, stability and utility. From a bird's-eye view, crypto mainstream adoption is inevitable; fear of loss only applies to the short-term future, and many companies that have incorporated crypto are seeing auspicious results.
Take Square Cash, for example. It added bitcoin trading at the end of 2017, and revenue in that sector doubled between the first and second quarters of this year. It has experienced brisk download growth, averaging a 128% increase year over year, primarily among younger and underbanked consumers. CEO Jack Dorsey has gone on to endorse bitcoin as "a single currency" for the internet and for the globe.
Businesses that use crypto as a payment option have also seen a boost to their bottom line. Overstock.com the first major retailer to accept bitcoin back in 2014, now generates up to $120,000 in weekly revenue from crypto-based transactions. (It is worth noting that the blockchain creates mutual benefit. Although crypto holds risk, payment processors also enjoy increased security and privacy, instant transaction verification, reduced fees and a borderless customer base.)
Cryptocurrency is ultimately a product of the times. It leverages the limitless opportunity of technology, and in doing so, resonates with a population that has grown up online and is interested in achieving prosperity through nontraditional investments. Integrating cryptocurrency into financial services means seizing the opportunity to serve this generation in a way that is forward-thinking and recognizes their unique wants and challenges — a sure path to gaining lifelong customers.