Tinder CTO Says Millennials’ Bitcoin Investing Preference is Due to Lack Of Trust In Banks
Brian Norgard, the Chief Technology Officer of the world’s biggest dating app Tinder has openly shown his support for cryptocurrency time and again.
Just last week he had words of appreciation for the Crypto technologists, saying that the present crypto enthusiasts are,
“More technical than their Web 2.0 peers & far deeper in sheer numbers than the 1st wave of mobile.” He added that these people who are shaping the crypto ecosystem are “From everywhere in the world & oftentimes working with fully distributed teams.”
Earlier this week, Norgard had tweeted a list of investing patterns and preferences for millennials based on a report by CBI Insights, which featured low fees, home ownership, simple/fun/useful UI/UX, mobile first, lack of trust in large financial institutions, gamified solutions and – finally – crypto.
Millennial investing patterns & preferences:
1. Low fees
2. Desire for home ownership
3. Preferred adoption of simple, fun & useful UI/UX
4. Mobile 1st
5. Depleting trust of large financial institutions
6. Gameified solutions
— Norgard (@BrianNorgard) August 5, 2018
Millennials Mobile And Crypto
The shift from cash-based systems to mobile financial networks could pave a natural pathway to cryptocurrencies like Bitcoin and Ethereum, leading both consumers and merchants to adopt cryptos that are purely digital and decentralized.
Fintech startups and network operators adjust to the needs of millennial users and consumers because they acknowledge the types of services young users desire. Millennials prefer to carry out any finance-related task using a smartphone, and the inability of major banks to compete with innovative fintech startups have left banks behind in mobile fintech development.
An inordinate number of Millennials are looking to line their pockets, or rather their investment portfolios, with cryptocurrencies. A study by Sustany Capital which surveyed 1,000 American adults, found that 88 percent of Millennials want to diversify their investment options with cryptocurrencies. Of those surveyed, 42 percent expressed interest in using cryptocurrency as a form of savings.
Crypto’s Mainstream Adoption
The adoption of crypto by millennials is expected to increase at an exponential rate in the next few years, fueled by the collaborative efforts of the New York Stock Exchange (NYSE), Starbucks, and Microsoft, the world’s largest stock market, coffee retailer, and technology conglomerate, respectively.
The three corporations disclosed their intent to improve the usability of cryptocurrencies as a legitimate and alternative payment method, responding to the growing demand for crypto from both millennials and casual users.