While Bitcoin is still relatively new to mainstream investors, the next generation has already declared it the “dinosaur of crypto”.
“We’re watching [bitcoin] In crypto years, “33-year-old Dogecoin millionaire Glauber Contessoto told CNBC Make It.” We just like to tease Bitcoin people. You are so serious all the time. “
On social media platforms like Twitter and Reddit, Gen Z and young millennial investors are referring to Bitcoin as the “boom coin,” especially during Wednesday’s big crypto sell-off.
Many in this next generation investor cohort prefer to buy other cryptocurrencies known as altcoins or sometimes “s — coins”.
“RIP BOOMERCOIN”, wrote a Twitter user along with “#Bitcoin”.
Another Twitter user wrote, “I don’t understand why people are still holding the BoomerCoin” when Bitcoin prices fell.
Of course, not all investors in this group agree – many are “hodeling” Bitcoin along with other digital coins. On Tuesday, a Reddit user wrote a post titled “The Reason I’m Still Optimistic about BTC, the ‘Boomer Coin’.”
Bitcoin, the largest cryptocurrency by market value, was launched in 2009 and is viewed by its supporters as a store of value that will increase in value over time. Its 12-year run opened the door to altcoins like Dogecoin – which was originally created as a joke.
While any investment in cryptocurrency is considered very risky, experts say that investing in altcoins is extremely speculative. Experts warn against investing only what you can afford to lose.
Still, various altcoins have been gaining popularity recently as some new, young investors seem willing to take that risk.
“Combine their enthusiasm for the next big thing with their tolerance for risk and unparalleled access to trading applications and you have a generation not indebted to the conventional wisdom of traditional investors,” said John Wu, president of Ava Labs, a Team supports the development of the Avalanche blockchain.
“This generation was too young to catch Bitcoin and is now looking for the next big thing that will add more upside to their investment budget,” he says.
Indeed After its all-time high of $ 64,863, the price of Bitcoin is over $ 42,000 per coin from Thursday morning, although it is possible to buy fractional stocks. Dogecoin on the other hand, the has risen sharply in recent months and is currently around 42 cents.
Although Dogecoin was launched in 2013 based on the “Doge” meme, which depicts a Shiba-Inu dog, and its creators didn’t intend to take Dogecoin seriously, it is now one of the top 10 cryptocurrencies, with a market value of over 53 Billion dollars.
“Doge is the millennial coin,” says Contessoto. “I believe memes are the language of millennials. Memes are the language of our generation, from Gen Z.”
“For Dogecoin, the meme is the message,” CoinShare’s chief strategy officer Meltem Demirors previously told CNBC Make It. “As an influence from FinTwit [financial industry Twitter] is growing, as are the memes and the way they move our markets. “
“We were interested in Dogen because it is pleasantly familiar. We come from a world of memes, and the future is cryptocurrency. So it only makes sense to combine the two,” says Contessoto.
Other altcoins like Safemoon and Shiba Inu (known as “Doge Killer”) have recently been driven by social media buzz – but are also considered by experts to be very risky investments. Some have compared Safemoon to a Ponzi scheme and a scam. There are endless possibilities including Ethereum, Binance Coin, Cardano, and more, all with strong communities built around them.
For the next generation of investors, the designation of Bitcoin as a “boom coin” can also be a way of supporting the altcoin of their choice.
“It’s a whole new world for the majority of young investors [it] right now. You start doing research and investing because you hear that you can make money, “says Contessoto.” But then you discover the community … and it becomes bigger than just making money. It gives us all a bigger purpose as a team. “
But at the moment they mostly troll. “Most” Bitcoin supporters, Contessoto says, “just aren’t a lot of fun.”
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