A recent report is suggesting that teenagers are rapidly adopting cryptocurrencies and digital assets, which could have big implications for the future of finance.
On Sunday November 19, MarketWatch published that for the first time in history, teenagers are saying that they would favor gifts of cryptocurrency and Fortnite’s in-game currency “V-Bucks” over cash, gift cards and gas money.
The findings are based on a “Holiday 2018” report by investment bank and asset management company Piper Jaffray.
While the responses are in part due to the phenomenal popularity and success of Fortnite — a free-to-play battle royale game where players can purchase experience ‘boosts’ and new ‘skins’ (outfits) for their character by spending its in-game currency — the game has entrenched the idea of parallel monetary systems to its mostly younger audience by providing a product ecosystem that gives its digital coin value in the eyes of players.
Fortnite has 78.3 million monthly players according to Fornite’s developer, Epic Games, and a survey conducted by LendEDU of 1000 American players showed that 69% had used V-Bucks on in-game purchases, averaging nearly $85 total per player.
Within context of the fact that 66% of cryptocurrency owners are between the ages of 18 and 34, it would appear that upcoming generations are already familiar with the idea of using cryptocurrencies and digital assets as a medium of exchange and store of value.