Photo: Atop Huashan (Elevation 2154.9 meters) in Shaanxi Province, China | Ella Hough, 2019.
Note: The following post is based on a report I made while interning at Galaxy in summer 2024.
Executive Summary
Bitcoin is economic oxygen to breathe life back into Gen Z’s future.
Fiat money is broken. We give up our scarce resources (time and energy) to earn something that can be drastically debased.
Bitcoin is sound in construction and a value-aligned investment for Gen Z.
Less than 31% of Gen Z feel financially secure.[1] If you don’t have property rights, if you don’t have savings, then you are not safe, opening yourself up to exploitation and repression of your rights.
If you want to set up long-term goals, have hope for the future, and feel like life has purpose, you might be more inclined to exchange your time for something that holds its value; it’s not about the oxygen (bitcoin), it’s about what the oxygen allows you to do, for yourself, primarily, and others, if you so choose.
Bitcoin is a tool. Bitcoin is a peer-to-peer, decentralized, borderless, open-source, transparent, auditable, immutable, incorruptible, trustless, censorship-resistant, non-sovereign, and permissionless catalyst for Gen Z to save their time and energy into the future in a way that respects, embodies, and preserves their core values of diversity, integrity, and agency.
What is this report about?
This report is about crafting the narrative as to why the beneficiaries of the $84.4 trillion wealth transfer over the next 21 years[2] (& who represent 40% of US population) should (and as the data shows are/will) invest in bitcoin and why bitcoin matters to them / is a value-aligned investment.
This report will answer the following questions:
How are younger people (think 20–30-year-olds) viewing the investment landscape?
Why should financial advisors position bitcoin in their younger clients’ portfolios in anticipation of the largest wealth transfer in history/as this demographic enters the workforce and becomes investors?
As a note, the author is Gen Z, and so is bitcoin, so the report has a greater alignment towards Gen Z, but there is substantial Gen Y alignment and presence.
Why is this report important?
For Galaxy, 63% of persons <Age 35 have a positive perception of bitcoin,[3] so there is a huge opportunity to think about bitcoin as an investment specifically for Gen YZ, and this report aims to be helpful as sales collateral.
For Financial Advisors, the data shows that 80% of Gen YZ expect advisors to report on digital assets,[4] so this report is meant to bring them a quantitative and qualitative story/narrative as to why they need to be able to talk about bitcoin in a portfolio, proactively. This report also highlights to advisors that bitcoin and Gen Z are coming of age together (bitcoin is 16, and the median age to start investing is 19 for Gen Z[5]) and shows they are uniquely aligned; bitcoin is about values and community and Gen Z is also driven by values and community.
For Gen YZ, 72% think traditional investing means are insufficient[6] and 91% don’t think the American dream is achievable anymore.[7] Yes, this report is about showing to them bitcoin as a tool for wealth growth and preservation (that bitcoin is not a trend), but even more so it is about their livelihoods and outlook on the future after adopting bitcoin.
Investment Case
Target Audience
Today, in 2024, there are 68.6 million Gen Z in the United States,[8] meaning persons born between 1997 – 2012 or who are currently ages 12 – 27.[9] Further, there are about 72.7 million Millennials (Gen Y) in the US.[10] Millennials are born between 1981 – 1996 and are currently ages 28 – 43.[11]
In 2020, Gen Z was 6.1% of 2020 workforce,[12] but by 2030, the U.S. Bureau of Labor Statistics expects Gen Z to comprise 30% of the workforce.[13] Additionally, since 2020, 60% of young investors (ages 18–34) have begun investing,[14] and “the ability to invest small amounts” and the ease of doing so through digital apps are “top motivator[s] to start investing.”[15]
The Importance of Brand, Narrative & Values
Notably, 55% of Gen YZ believe having value-aligned investments is more important than maximizing their returns.[16] Further, Fidelity Investments found “83% of 18- to 34-year-olds say: “It is important to me that companies I buy from align with my values.”[17] A 2023 EY study similarly found that “59% of Gen Z care about purchasing goods from businesses that align with their values.[18] Clearly, values particularly matter to younger generations.
However, when younger generations are growing up, people often ask them: “What do you want to be when you grow up?” The future is inherently uncertain, and 2024 data shows Gen Z is changing jobs 134% more than in 2019.[19] Rather, a better question is: “Who do you want to be when you grow up?” What values do you want to use to navigate uncertainty?
However, in the context of investing, before a young investor even investigates the values of an investment/ of a company, their attention will most likely be captured by the brand, by the narrative the brand crafts.
A Forbes Advisor’s study found that Gen Z’s “purchase decisions are firmly rooted in societal impact and ethical considerations,” showing:
“82% are more likely to purchase from brands that advocate for social equality
78% are more likely to purchase from brands that protect personal data
77% are more likely to purchase from brands that treat their employees well
71% are more likely to purchase from brands that are affiliated with a charitable organization
70% are more likely to purchase from brands that actively try to reduce environmental impact” [20]
Further, “marketing…is more about selling a brand’s story and connecting with the customers on a deeper emotional level.”[21]
Compared to older investors, “younger wealthy people have a much longer checklist of considerations when they’re making investment decisions…younger people more frequently consider the intended use of the proceeds, such as fulfilling philanthropic commitments or reaching another specific goal. They also consider a company’s ESG track record and even the sentimental values of an investment.”[22]
Investment offerings should lead with brand recognition, engage with narrative, and sustain with value alignment.
Sound in Construction: Values of Gen Z
For Gen Z, values that stick out are:
Diversity
Integrity: Authenticity & Transparency
Agency
Brands that share these values are more likely to resonate and garner investment.
EY’s 2023 Gen Z Segmentation Survey found that “integrity is the new measure of authenticity and belonging…We are entering a social movement of integrity first. Not the standard definition of integrity…but the lesser used idea of…the condition of being unified, unimpaired or sound in construction.”[23] Additionally, “85% of Gen Z placed high value on spending time on things that will help them in the future,”[24] yet Gen Z is increasingly placing “less importance on making a lot of money in their career.”[25]
In this “social movement of integrity first,” Gen Z is going to put their time and energy into building the world they want to see. If investing is a means of trading your time for a vessel to preserve your work/energy into the future, to build wealth, it might make sense they invest in something that is “sound in construction” and shares the values of the world they want to see.
Wealth Transfer & Current State of the Economy
As Galaxy Research highlighted in their December 2023 report “The Great Wealth Transfer & Crypto,” it is projected there will be \(84.4 trillion in wealth transferred through 2045, and if occurring today, “\)160bn – \(225bn would flow into crypto markets.”\[26\] For context of the magnitude, total projected assets under management in North America by 2025, according to PwC, is equal to \)71.2 trillion.[27]
*Note: Notably, this wealth transfer is largely accruing to Millennials, and 2% of Millennials and 6% of Gen Z consider inheritance “to be [their] primary source of income to cover [their] living expenses after [they] retire.”[28] However, younger generations should not be relying/waiting on their parent’s death and inheritance, they need to (and are) take ownership over their own life.*
However, UBS’ 2023 Global Wealth Report found “inflation reduced wealth growth by 6.0%, turning a nominal wealth gain of 3.4% in 2022 into a real wealth loss of 2.6%,” which “is the only real wealth decline this century, apart from 2008.”[29] Further, “the loss of global wealth was heavily concentrated in North America and Europe, which together shed USD 10.9 trillion.”[30]
In Joe Burnett’s recent report, Your Wealth Is Melting, he highlights that over the last 5 years:
The US dollar is down 92.8%
The 20+ Year Treasury Bond ETF is down 94.8%
The S&P 500 is down 87.6%
Gold is down 92.4%
US Real Estate is down 87.7%
Given the US debt-based monetary system, where dollars are programmed to debase, a side-effect of the system, holding this wealth in dollars is likely a non-option given the importance of “soundness” to this generation; “both Gen Z investors and non-investors say the top challenge in meeting their financial goals is the rising cost of living/ inflation,” according to a 2023 FINRA report.[31]
Further, Bank of America’s 2024 Private Bank Study of Wealthy Americans found that 72% of respondents ages 21 – 43 “somewhat/strongly agree” that “it is no longer possible to achieve above-average investment returns by investing solely in traditional stocks and bonds” compared to 28% ages 44+.[32]
So, what is Gen Z going to invest in to grow and preserve wealth?
A Case of Reality
A Digital American Dream
Digitally native, Gen Z might look to digital options for preserving their wealth. And, given many students have yet to take a financial or economic literacy course,[33] they are probably going to choose a digital option with the best brand, a strong narrative, and that aligns with their values.
Everyday facets of Gen Z’s life and means of preserving non-monetary wealth are increasingly moving into the digital realm: communication/ social networking, photos, entertainment (videos, games), education, and information. Other concepts are lagging, such as property, which has primarily been a tool for wealth growth and preservation.
Further, according to the 2023 International Property Rights Index, the US has declined in property rights protection from 2022 and is just three up from being in the top 20% of the 125 countries included.[34]
The American Dream is that upward mobility is possible for everyone and buying a house is a core part of achieving this dream, providing feelings of belonging, stability, (financial) freedom, independence, and private property rights.[35] Yet, increasingly less Gen Z thinks they will ever be able to afford a house; Gen Z is the “least likely” generation “to see the American Dream as achievable for everyone” at only 9%, and only 45% see homeownership as a worthwhile investment, which is much less than Millennials and Baby Boomers.[36]
The US percentage of 30-year-olds earning more than their parents did at age 30 is declining, the share of household wealth by age is declining for those under 40, and median home price is vastly outpacing median household income.[37] The dismal economic reality has resulted in “50% [of young Americans] more likely to question whether life has a purpose” and 40% saying it’s “hard to have hope for the world” compared with 20 years ago.[38]
Hope, faith, and trust are cornerstones of society, and we can’t afford for the quality of our society to degrade with the quality of our money.
Gen Z’s Financial Nihilism
Present
Deloitte’s 2024 Gen Z and Millennial Survey found that Gen Z “are far more likely to report concerns about their financial security than their physical safety.”[39] Further:
“34% for Gen Z and 40% of Millennials consider cost of living to be their top concern by a wide margin”[40]
“Less than 31% of Gen Z feel financially secure”[41]
“55% of Gen Z are living paycheck-to-paycheck”[42]
“32% of Gen Z have savings below $1,000 & 49% expect to save the same amount of money or less in 2024 compared to 2023”[43]
“57% of Gen Z have trouble making ends meet” as [30%] are working two or more jobs and 57% have a side hustle”[44]
Looking towards the future, “52% of Gen Z are very or extremely worried about not having enough money - the highest increase among any of their concerns since 2021,”[45] and “39% of Gen Z are very or extremely worried about making the wrong choices with their money.”[46]
Future
A 2024 Forbes Advisor study found that only 5% of Gen Z is primarily savings for retirement compared to 22% for a new car and 20% for emergency fund.[47] This lack of interest in retirement savings is perhaps related to the rise of a new concept called “soft saving,” which is essentially prioritizing enjoyment/ spending money on well-being in the short term and never retiring/ not retiring early; Gen Z increasingly would “rather feel more fulfilled now than save for a future that is unknown.”[48]
60% of Gen Z feel “[they] don’t have enough income to save for retirement”[49]
73% “of Gen Z says the current economy makes them hesitant to set up long-term goals” and 66% say “they’re not sure they’ll ever have enough money to be able to retire”[50]
56% of Gen Z prefers to not think about “retirement investing until [they] get closer to [their] retirement date” and 73% agree they “do not know as much as [they] should about retirement investing”[51]
In contrast to “soft saving,” Fidelity Investments 2024 Young Investors White Paper found that “75% of Gen YZ say: “I plan to save as much as possible now so I can become financially independent as early as possible and focus on what I really want to do in life” versus 57% of Baby Boomers+ (who are not retired) and 1 in 5 Gen Z and Millennial wants to retire by age 55.”[52] Concerningly though, a 2023 Transamerica Institute survey found that Gen Z estimates they will need only \(250,000 “to feel financially secure” in retirement, whereas the medians of all respondents and Baby Boomers was \)500,000 and $750,000, respectively.[53] Notably, 45% of Gen Z “guessed,” 20% “used a retirement calculator or completed a worksheet,” and 15% were told an amount by a “financial advisor” and these percentages are relatively the same across all generations.[54]
In 2024, Deloitte also found that “48% of Gen Zs are expecting their financial circumstances to improve” and “32% of Gen Z are optimistic that the economy in their country will improve within the next year.”[55] In comparison, Bank of America’s 2023 Better Money Habits Survey found that “over the year ahead, just 24% [of Gen Z] feel[s] confident that the economy will improve, compared to 41% in 2021.”[56]
As they come of age, many young persons are (beginning to be) aware there are problems/ feel economic pain, but are they aware of the underlying cause?
To The Moon
The US debt currently sits at \(34.7 trillion, which is figuratively equal to stacking \)1 bills from the earth to the moon 9.86 times.[57] The US added \(11 trillion of this debt since 2020. By contrast, it took the US 220 years from George Washington to Barack Obama to add the first \)11 trillion in debt.[58]
As a result, since the beginning of 2020, the US dollar has lost 25% of its purchasing power. This means, if you just graduated college in May, instead of paying for four years of college, you paid for five years.
Some people will tell young people that they do not need to worry about the growing debt and resulting “debt spiral,” (issuing debt to repay prior debt) because it is backed by faith in the US government. However, a brief history lesson might offer some reconsideration.
The following is a very abbreviated history, and the author would encourage reading Alex Gladstein’s piece, Uncovering the Hidden Costs of the Petrodollar.
For much of the past decades, the US dollar and US treasuries were backed by a tangible commodity asset (gold, then oil). In 1944, in the aftermath of World War II, pegged to gold, the US dollar transitioned into the status of world reserve currency, taking the place of the British pound. However, by 1971, “\(11 billion in gold backed \)24 billion in dollars,” and President Richard Nixon declared the end of the gold standard and beginning of the fiat standard. Then, on June 8, 1974, the US dollar became closely tied to oil when Saudi Arabia priced all oil in dollars (and cycled profits into US treasuries) in exchange for military equipment from the US.[59] Tying dollars to oil created a reliable demand for dollars.
However, 50 years later, in June 2024, the “petrodollar” agreement was not renewed. Further, Japan and China, are the largest holders of US debt, 1 trillion and 855 billion, respectively,[60] and China has begun decreasing their holdings.[61]
This information is not shared as a sign of wishing for the end of the US dollar. In fact, today, 59% of global foreign exchange reserves, 54% of export invoices, and 88% of foreign exchange transactions are in US dollars.[62] Instead, the information is presented to:
Illustrate that transitions between world reserve currencies occur when a money does not sufficiently performs its role as a call option on a future good or service / 1) Store of Value, 2) Medium of Exchange, and 3) Unit of Account
Showcase a problem that a money with a capped supply can help solve.
Instill urgency in young generations to be conscious of their financial future.
With such high debt, there is very little oxygen to breathe in space and Gen Z needs an oxygen tank.
Rules & Rulers
Like gold and oil once were with US dollars, time and money are intricately connected. In the US, when you work, you provide your time and energy and in return you receive US dollars. Right now, you exert/trade scarce resources, for something that is not scarce. You prove you’ve done the work to earn the reward you seek. Yet, you pay an additional hidden price through inflation. The result is you work harder and harder to attain something (US dollars), to attain something else (goods and services).
Now, the aforementioned rising sense of hopelessness and reality void of purpose is starting to make sense. Not only that, but there is a rising sense of loneliness with 79% of Gen Z workers and 71% of Millennial workers feeling lonely.[63] Younger generations are craving to be a part of something, to be a part of something with meaning and where they can pursue purpose.
Fiat money is a ruler-based system that is programmed to debase.
What if it didn’t have to be this way? What if you could trade something scarce for something scarce? And you, wherever you are, regardless of your background, could partake in this new system.
And what if you could invest your time and energy in some entity that had similar values to you? That had an attractive brand and a narrative that you wanted to tell and be written into?
Bitcoin as money is a rules-based system programmed to be based for all 8 billion people.
Back to Values
As mentioned, Gen Z is attracted to brand, narrative, and values. On that note, why would someone who doesn’t know anything about bitcoin be interested in it? In its values?
Well, if nothing else, bitcoin can be a tool for a member of Gen Z to earn their wealth once, instead of twice (h/t Saifedean Ammous). But, more so, to value something, you must value what that something values. In the case of bitcoin, Gen Z so happens to already values bitcoin’s values; they just might not realize it yet. Perhaps this should not be surprising as bitcoin was born in Gen Z, and they have both come of age together in the same world.
In this report, the value alignment is packaged in the following way:
Diversity
Integrity
AgencY
There is No Such Thing As “Normal”
An interesting consideration to Gen Z, which has grown up with technology, is that they are very adept at learning how to be their own experts, perhaps due to the efficiency from technology. Increasingly, they use technology to solve problems first and then seek an advisor, adopting a “DIY” mentality of sorts.
Feeling sick? WebMD.
Something broken? YouTube.
Taxes? TurboTax.
Travel planning? ChatGPT.
Therapy? Podcasts.
Further, EY found that “if established systems aren’t working for them, Gen Z finds ways around it.”[64] For example, “the relative cost of education has increased by about 200% since the 1970s” and “enrollment at public two-year colleges declined by 7.8% and enrollment at public four-year institutions dropped 3.4%.[65] With this context, 39% of Gen Z said advancing their education is important to them[,] and 46% of them said they don’t think college is worth the cost.”[66]
This sentiment was also expressed in Coinbase’s 2023 report The State of Crypto: Age, Access, and Agency, which found “77% of Gen Z want[s] to choose their own paths rather than pursue the traditional path of college, homeownership, etc.”[67] As a result, “45% of Gen Z report being very or extremely likely to start their own business” and “44% of Gen Z say that they are more interested in entrepreneurship now than before the pandemic.”[68]
Value placed on exerting effort to achieve a reward more closely aligns with the reality that Gen Z experiences, alternative to staking success on reputation or title or an existing wealth. Further, Gen Z increasingly cares that opportunities are distributed more equitably to all.
Bitcoin
As a note, all of Galaxy’s Bitcoin-focused research can be found here and a new “Digital Assets Academy” can be found here.
“What is bitcoin?” is an increasingly harder question to answer. However, for the sake of this report, it is important to be aware of an important distinction: Lowercase “b” bitcoin is the unit/ the asset. Uppercase “B” Bitcoin refers to the network. Not to add further complexity, but for the time being one could also consider bitcoin to be:
Code / protocol
Speech
(Peer-to-Peer) (Digital) Currency
(Freedom) (Resistance) (Self-Sovereign) Money
(Capital) (Ultimate Reserve) Asset
(Digital) Property
(Monetary and Non-Monetary) Network
Community
Information/translation/language (of preference)
TechnologyTime
Store of Value / Hard Money
Medium of Exchange (in Digital Economy)
Unit of Account (of the Internet) – clean origin story & not tied to any country
An idea
Others
Acknowledging these perspectives is critical because each person comes to bitcoin with a narrative that they are telling themselves about what bitcoin is. One person’s bitcoin narrative might resonate with them, but not with someone else; that reality is a feature, not a bug.
For some brief context, on October 31, 2008, Satoshi Nakamoto published the bitcoin Whitepaper, creating “A purely peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution” and is the result of 40 years of research. Two key attributes were implicitly stated & shouldn’t be overlooked: 1) There will only ever be 21,000,000 bitcoin (digital scarcity), and 2) bitcoin requires a scarce input/resource (energy) through its consensus method called Proof of Work (PoW) (how it validates the information being stored). At the time of its creation, the world was reeling from the biggest financial crisis since the 1920s. Public trust in the financial system was at an all-time-low, showing the need for a new financial system that didn’t depend on a few key players who can, and did, fail.
Main Value 1: Diversity
GEN Z: Diversity, Community
To begin, “[Gen Y and Z] are the most diverse generations to date, and value diversity and inclusion in all aspects of their lives”[69] and “many want to see themselves and their peers represented in the brands they use.”[70]
Further, “52% of Gen Z are more worried about others being treated badly than nearly every other topic surveyed.”[71] Following this worry, Gen Z are the most likely generation to call the current financial system “exclusionary” at 29% and only 6% of Gen Z says the current financial system is working for people like them.[72]
BITCOIN: Peer-to-Peer, Decentralized, Borderless, Open-Source
Bitcoin is fundamentally inclusive peer-to-peer, decentralized, borderless, and open-source. There is no centralizing body or authority figure.
Decentralized: Regardless of if you are a developer, miner, node operator, or individual of any standing, there must be community consensus for any change.
Borderless: Bitcoin exists everywhere and anywhere, outside the borders of nation states
Open-Source: Bitcoin is an inclusive, open-source project that is strengthened by the addition of community members, contributing their efforts for the benefit of all network participants. Anyone, of any background or standing, can contribute in any way they see fit.
Peer-to-peer: As mentioned, bitcoin was created as “a purely peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution.”[73] Notably, “peer-to-peer” could mean everything from you and your friend to Galaxy and Invesco to the US and Brazil.
People in bitcoin trust in the cryptography and community – Mike Novogratz.
At its core, by upholding features of decentralization, borderless, open-source, and peer-to-peer, bitcoin can champion diversity, inclusion, and humanity unlike any other asset.
Main Value 2: Integrity
GEN Z: Authenticity, Transparency, Integrity, Privacy, Trust
An implication of growing up in such a digital society, with abundant and conflicting information, Gen Z critically values authenticity and transparency, or integrity, with “91% think[ing] it is very or extremely important to be authentic, true to oneself.”[74] Additionally, not only is it important, but “the vast majority of Gen Z reported that authenticity is more important than any other personal value tested, including: spending time on things that will help their futures, independence, changing the world, and being rich or famous.”[75] As a result, Gen Z “seek[s] to uncover the human side of the brands they use and ensure that they align[76] with their values.”[77]
Note: It might be remiss to not acknowledge the irony in the overwhelming inauthenticity of Gen Z’s social media presence.
However, Gen Z doesn’t “think most companies or governments are doing a great job of giving [authenticity and transparency] to them – yet.”[78] According to an EY report, 59% of Gen Z don’t trust or only sometimes trust companies to keep their word, 34% of the time Gen Z trusts large businesses and federal government to do the right thing, and “67% of Gen Z believe most people can’t be trusted.”[79] Further, Gallup found that 50% of Gen Z trusts congress very little.[80]
BITCOIN: Trustless, Transparent, Auditable, Incorruptible, Immutable, Pseudonymous
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” – Satoshi Nakamoto, Feb. 11, 2009 [81]
Gen Z is a largely skeptical generation. Bitcoin embraces this sentiment, created because of distrust. As previously discussed, bitcoin is peer-to-peer, decentralized, borderless, and open-source. Embodying these features means that, in action, bitcoin can be transparent, auditable, immutable, incorruptible, and ultimately trustless.
Transparent: Not only is bitcoin’s monetary policy transparent, but so are the on-chain transactions and holdings.
Auditable: Given the transparency, bitcoin is an investment that can be uniquely audited, reducing trust.
Immutable & Incorruptible: Critically, bitcoin is immutable, meaning the transparency and auditability cannot be compromised, preventing corruption.
Trustless: In combination, these features allow network participants to participate without needing to trust and the ability to easily verify.
From their values and characteristics, Gen Z might appreciate a (digital) investment that they don’t have to trust (it or anyone else), and which actually restores their self-sovereignty. Bitcoin singularly is the only investment that offers this reality.
Main Value 3: AgencY
GEN Z: Agency, Self-Sovereignty, Responsibility, Social Issues
Finally, Gen Z, a diverse and integrity driven group is not one to outsource their agency. For instance, “76% of Gen Z value trying to change things that are wrong with the world as very or extremely important” and they “advocate for what they feel are not political issues, but human issues.”[82]
50% of Gen Z have used social media to share a message about a cause they agree with or support[83]
36% of Gen Z have participated in a political rally or protest, signed a petition for a cause they agree with, or supported a political movement[84]
51% Gen Z feel influence over human rights[85]
57% Gen Z feel influence over protecting the environment[86]
As noted, Gen Z favors brands that “advocate for social equality” and reduce “environmental impact.” [87] This can be seen in the fact that 37% of people invested in ESG are Gen YZ.[88] For context, “62% of Gen Z report feeling anxious or worried about climate change in the past month…Two in 10 Gen Zs and Millennials have already changed jobs or industries to better align their work with their environmental values, with another quarter of both cohorts planning to do so in the future.”[89] Further, “81% of Gen Z “agree climate change is a medium or large problem” and 55% of Gen Z said they were very or extremely interested in environmental issues.”[90] While outside the scope of this report, the author would encourage interested readers to view KPMG’s report Bitcoin’s role in the ESG imperative.
BITCOIN: Censorship-Resistant, Permissionless, Environment
Building on the features previously described: peer-to-peer, decentralized, borderless, open-source, transparent, auditable, immutable, incorruptible, and trustless, bitcoin is also censorship-resistant and permissionless, amongst other outcomes, allowing it to be a tool for expressing agency.
Censorship-resistant: Your voice and your actions cannot be muted.
Permissionless: Participating in the network requires no approval.
Also, given bitcoin’s Proof of Work consensus mechanism, bitcoin can be uniquely effective in addressing environmental concerns (see: Bitcoin’s role in the ESG imperative).
If one doesn’t have property rights, savings, if one doesn’t have financial freedom, then one’s agency is drastically decreased. Further, all their other rights are subject to encroachment and violation; one is now vulnerable to exploitation and the repression of their rights. Simply put, if you don’t have savings, you are more vulnerable to the whims of others and you are less safe. By giving property rights and financial freedom, in a censorship-resistant and permissionless manner, bitcoin protects human rights and other freedoms that can quickly be debased when access to property/money is restricted.
Amongst other concerns, bitcoin is uniquely a tool to address both human rights and energy concerns. Even more so, bitcoin is a tool for Gen Z to act on their agency and be supported in doing so. Bitcoin as an investment offers Gen Z the ability to “do well while doing good” (h/t Alyse Killeen) unlike other investments.
Zooming into the Future: Financial Advisors
Bitcoin is a tool Gen Z may or may not pick up, but for wealth and financial advisors, it is a tool that they must pick up to address the interests of the younger generations and ensure future business success.
Investing
Despite, social media being “the primary source of financial content for younger people” ages 21-43, [91] 26% of Gen Z and 37% of Millennials currently uses a financial advisor, [92] and according to BlackRock’s 2023 Read on Retirement survey, “71% of Gen Z in the workplace “aren’t confident managing investments in their plan themselves.[93] Further, 80% of Gen YZ expect advisor to report on digital assets/crypto compared to 43% of Baby Boomers. [94]
While the median age Gen Z starts saving for retirement is 19, which is earlier than previous generations,[95] 31% don’t think they will save enough for retirement.[96] Additionally, “between August 2021 and August 2022, 12% of financial advice users hired an advisor for the first time or switched advisors; 39% of them were Gen YZ.[97]
Fidelity’s Q1 2023 Retirement Analysis showed that “for Gen Zers with a 401(k), the average account balance increased by 17% over last quarter – a slightly smaller increase than the previous quarter (a 23% increase), but still the highest of any age group. Gen Z account balances are up 34% from Q1 2022, making them the generation with the most account growth over the last year.”[98] Additionally, Gen Z saw a 25% increase in IRA accounts opened in Q1 as compared to a year ago.”[99]
Outlook
After the Great Financial Crisis in 2008, pension funds did not get the same bailouts that banks got and the retirement age was pushed back from 59 years old in 2002[100] to 67 years old in 2024.[101] Further, The Social Security Administration has published on their website that “benefits are now expected to be payable in full on a timely basis until 2037” and then only up to 76%.[102] For someone in Gen Z born in 1997 or a Millennial born in 1981, potentially retiring in 2064 and 2048, respectively, social security is not going to be there.
Further, according to the Fidelity Investments 2024 State of Retirement Planning Study, of the “25% who have already or plan to delay their retirement date, 66% say it is out of financial necessity.”[103]
Therefore, it is not terribly surprising that younger generations would seek a shot at the “next big thing” or growth opportunity. When thinking about investment opportunities with the “greatest opportunities for growth,” respondents ages 21- 43 in a Bank of America study ranked “real estate investments” first (31%), crypto/ digital assets second (28%), and private equity third (26%),” and “93% of those aged 21 to 43 [say] they are likely to allocate more to alts in the next few years.”[104]
Additionally,
64% of persons <Age 35 have a positive perception of digital assets, 22% neutral & 14% negative[105]
63% of persons <Age 35 have a positive perception of bitcoin, 27% neutral & 11% negative[106]
34% of people with crypto are Gen YZ [107]
76% of persons <Age 35 currently buy/invest in Digital Assets and there are no gender differences [108]
“US Gen Z investors 18 and over primarily invest in: 55% Crypto, 41% Individual Stocks, 35% Mutual Funds, 25% NFTs, 23% ETFs” [109]
“Coinbase estimates that there are 52m Americans that own crypto (roughly 1 in 5 adults) with ownership rates highest among Millennials (45%) and Gen Z (39%). The findings also track somewhat similarly to the results of the Pew study…suggesting the adoption levels are 3x higher for younger generations compared to those aged 50+.”[110] (Note: 68.6*.39 + 72.7*.49 = 62.38m Gen YZ owning crypto > 52m)
Even more striking, but also perhaps not so because so few people know the answer to “What is money?,” 48% of Gen Z say, “I bought cryptocurrency even though I do not fully understand blockchain.”[112]
Further, in a May 2023 report by the FINRA Investor Education Foundation and the CFA, 50% of Gen Z investors have said they made an investment driven by FOMO, of those, 57% say the investment was crypto, 32% individual stocks, and 28% meme stocks.”[113] Additionally, 46% are “willing to take substantial or above-average financial risks” given: confidence in their investment knowledge, FOMO, feeling risk-taking is the only way to overcome the “uniquely challenging economic circumstances,” time is on their side, and because they do not have financial dependents.[114]
Bitcoin is often portrayed as a “risky” investment. While it’s true bitcoin does have quite a bit of volatility, and while past performance doesn’t equal future performance, if you were to pick any four-year period of time in bitcoin’s history, the lowest CAGR was 24% and the highest was 178%.[115]
As with any investment, you can’t time the market, you can simply have time in the market. The younger you are, the more time you potentially have (As TIP_NZ said, the more “potential energy” you have). As an aside, bitcoin is uniquely and critically linked to time (h/t Gigi), the scarcest resource, and notably, Satoshi Nakamoto only referred to bitcoin’s blockchain as a timechain (h/t Marty Bent).
(Market) Context
It’s fairly common knowledge that there will only every be 21,000,000 bitcoin in existence (actually ever so slightly less). However there is less consideration to the bitcoin that are theoretically available and who might demand it: 21,000,000 - 1.1M bitcoin owned by Satoshi Nakamoto (estimated) - 3.7M bitcoin lost (estimated) - 1,066,948 bitcoin in ETFs (June 18, 2024) - 214,400 bitcoin in MSTR -207,189 bitcoin US government = 14,711,463 bitcoin theoretically available (and not even this because there are lots of other large holders).
Further, 45% haven’t moved in more than three years.[116]
It will take 131 years for all bitcoin to be mined. Over the past 15 years since 2009, 19,614,000 bitcoin have been mined already or 93.4% of total supply (February 2024),[117] 1,386,000 bitcoin will be mined over the next 116 years, and 657,000 bitcoin or 3.125% of total supply will be mined during this epoch from April 19, 2024 – 2028 (or from block height 840,000 – 1,050,000).
Today, about 1.3% of the world’s population owns bitcoin.[118] Today, June 24th, at “block height” 849,343 (how many blocks have been mined since Jan. 3, 2009) the price of bitcoin is $59,942. What does 98.7% of the world seeking the final 6.6% to be produced over the next 116 years look like?
Well, at the end of 2022, there were 59.4 million millionaires worldwide.[119] Notably, this number fell by 3.5 million and did not consider 4.4 million persons if the threshold accounted for inflation.[120] Looking into the future, UBS expects “global wealth will rise by 38% over the next five years, reaching USD 629 trillion by 2027,” “growth by middle-income countries will be the primary driver of global trends,” and “wealth per adult to reach USD 110,270 in 2027 and the number of millionaires to reach 86 million.”[121]
At $60,000 a bitcoin, there is not enough bitcoin for every millionaire to buy one.
Furthermore:
University endowments managed ~$927 billion at the end of FY 2021[122]
Global AUM are projected to total $145 trillion by 2025[123]
US Union assets (non-pension) total $28.5 billion in 2024[124]
US Public pension assets total $5.99 trillion (with $1.49 trillion in unfunded liabilities) in 2024[125]
Global pension assets total between $25-48 trillion in 2024[126]
Sovereign Wealth Funds manage $11.5 trillion in AUM as of February 2023[127]
Bitcoin is a tool for these entities to uphold/ return to their missions and objectives.
Other Catalysts
Concerns around bitcoin’s volatility, negative media coverage, and regulation are decreasing.
Since January, bitcoin has seen bi-partisan support through SAB121 and FIT21, it has seen RIAs, Hedge Funds, Mutual Funds, Family Offices, Banks, Trusts, Pension Funds, Market Makers begin to opt-in after the first 13F filings in May since the Bitcoin ETFs, it has seen companies adopting a bitcoin standard for treasury management (MSTR, SMLR, DeFi Technologies, Metaplanet, Block, etc.), and it has become a central topic in the US Presidential election. Notably, roughly 41 million Gen Z Americans ages 18 to 27 will be eligible to vote this November.[128]
Bitcoin (uppercase “B”) sits at the intersection of math, physics, computer science, philosophy, biology, game theory, engineering, monetary theory, economics, finance, morality, etc. Humans are not good at understanding exponentials. Humans won’t be good at understanding the adoption of bitcoin, which certainly won’t be linear.
Economic Oxygen
Not all oxygen is created equal. You, the reader, value the oxygen around you right now. But, to breathe it in, you must value that it is unimpaired, that it is not polluted.
Oxygen is the OG peer-to-peer, decentralized, borderless, transparent, auditable, non-sovereign, and permissionless asset (but it’s not quite trustless, immutable, incorruptible, and censorship-resistant like bitcoin is). These values that the oxygen around you embodies must matter to you in order for you to breathe it. And, further, you don’t breathe because you want or value oxygen, you breathe because you want what is on the other side of oxygen – life.
Right now, we are economically out of breath. Inflation means you exert more and more energy to receive the same goods. This reality manifest in studies showing that Gen Z is feeling less hopeful, less like life has purpose, and that they don’t want to set up long term goals because of economic uncertainty.
The whole concept of investing exists because salary money is not salable across time and Gen Z sees that inflation is their biggest hindrance to meeting their financial goals.
However, on the topic of investing, it can be hard for younger generations to know where to begin, unless they receive guidance from their parents. And, generally, few people often make a change from what they’re used to / from their default, unless there is some obvious (positive) utility to the new option (from feeling pain/ increased responsibility). US Gen Z is beginning to see the obvious utility of bitcoin, but utility is not enough for them because they have immense financial privileges, closest to the source of money creation, growing up in the dollar system, in the world reserve currency system. Younger generations in the US also need value alignment.
Like oxygen, to value bitcoin you must (perhaps implicitly) value what bitcoin values (h/t Faisal Al Mutar). If to value bitcoin you must also value bitcoin’s values, then the DIY acronym presented highlights this alignment. This report highlights that Gen Z should value bitcoin as their economic oxygen because they (already) value what bitcoin values. And, it shows them that bitcoin is the best available (economic) oxygen for them to have, to breathe life into their future.
Bitcoin is economic oxygen that breathes life back into Gen Z’s future.
Similarities (oxygen and bitcoin)
Both something that all of humanity has access to/ can breathe
(Money) both at the base layer of how society functions / core component of society
Both show a strong case for obvious utility
Both work in the background: How often do you think about breathing? Not often. Yet, you need it to do everything that you do.
Both are not particularly cool, but necessary. And often, you do not recognize you need it, until you really need it.
Differences
Oxygen is abundant (if you opt-in (choose to breathe))
bitcoin is digital scarcity. But, because of that, there is the potential for abundance in everything else. While scarcity in oxygen could ultimately lead to a lack of consciousness, bitcoin as digital scarcity allows it to be economic oxygen, breathing life back into the future, increasing clarity of the value of you, your resources, and your aspirations.
Point
- You don’t breathe because you want oxygen, and you don’t invest because you want bitcoin. Investing in bitcoin is not about bitcoin, it is about what you can do once you’re not out of breath.
Conclusion
When you board an airplane, you are instructed to put on your oxygen mask before you help someone else put on theirs. If you don’t have oxygen yourself, you physically can’t help yourself or anyone else, if you so choose. At the end of the day, many of us hope our lives mean something, that we have a positive impact on someone else. If you don’t have economic oxygen, you can’t help yourself. And if you so choose, you can’t help anyone else.
Many of the future leaders and decision makers of society are feeling hopeless, lonely, and that their life lack’s purpose. Every step forward feels harder, and it is. Money printing has created a reality where you must exert more and more energy, expend more oxygen, to achieve the same results.
On the topic of investment, this same generation cares about investments and brands that embody their values: diversity, integrity (soundness in construction), and agency. If younger generations are going to trade their time for an investment and they care about using their time in a purposeful way, they are likely to be receptive of an investment that shares their values.
Bitcoin is a tool. Bitcoin is a peer-to-peer, decentralized, borderless, open-source, transparent, auditable, immutable, incorruptible, trustless, censorship-resistant, non-sovereign, and permissionless catalyst for Gen Z to save their time and energy into the future in a way that respects, embodies, and preserves their core values of diversity, integrity, and agency.
Overall, US Gen Zers are privileged they can opt-into bitcoin as a value-aligned, wealth preserving, and profit maximizing investment. This reality is not the reality of most of the world who uses bitcoin to escape financial repression and exploitation.
Younger generations have a greater incentive to think about the future because they are going to be in it; they are going to be leading it. Money converges to one (the author would recommend reading Parker Lewis’ “Bitcoin Obsoletes All Other Money”) and if nothing else, embodying the best attributes of money, bitcoin can be a tool for Gen Z to grow and preserve wealth. It can be a tool to align their investment case and their ideological visions.
Bitcoin is Gen Z’s economic oxygen mask, or perhaps rather, economic oxygen tank since our debt levels can take us to space ten times.
When you wear an oxygen mask, you can’t see it (maybe only on the periphery). Your eyes look forwards not down. Similarly, it’s not bitcoin that Gen Z needs to focus on, it’s what comes after they put it on. Investing in bitcoin is not about bitcoin, it’s about what you can do once you’re not out of breath. Stopping their wealth from melting and restoring agency, perhaps it can even be a tool for Gen Z to build a more hope-filled future. Imagine what you could do if you increasingly expend less oxygen to perform the same tasks. And, if you could choose more purposefully (and see more clearly) what tasks to focus on.
Sound in construction, bitcoin paves the way to a return to value, a return to purpose for yourself and the world. And there’s nothing else that can bring value to all 8 billion people.
When dollars can be “printed” at whim, we are increasingly not rewarded for producing value. We give up our time and energy to earn something that can be drastically debased with a few keystrokes. If bitcoin stores values, then does it return a sense of meaning and purpose to life that what you do matters and a more hopeful outlook on the world? Does it imbue quality/meaning/purpose back into production?
On Gen Z’s investment test, if Gen Z considers if their investments align with their values, provides value to them and provides value to the world, and incentivizes further development of value, bitcoin will pass the test. Bitcoin takes power from the earth to power the earth. And, the Proof of Work/ energy expended from all the network participants and the resulting benefits compound and accrue to all the other network participants.
Speaking Gen Z’s language of value, bitcoin embraces diversity and community. It maintains integrity; it is unimpaired and sound in construction. Finally, it gives people breath, energy, and consciousness to use their agency and take ownership over their life.
Fiat money is broken. Bitcoin offers a sound money solution to a broken money standard.
Marketing Pitch
To commercialize this report and think about the content/ insights from a sales and marketing perspective, it is important to make central why bitcoin matters to Gen Z by aligning bitcoin with their values.
Bitcoin is economic oxygen that all of humanity can breathe. Speaking Gen Z’s language of value, it embraces diversity and community. It maintains integrity; it is unimpaired and sound in construction. Finally, it gives people breath, energy, and consciousness to use their agency and take ownership over their life.
It might also be important to clarify/ highlight that you don’t necessarily want money, you want what money buys you: freedom, agency, goods, services, etc. Similarly, the analogy could be used to oxygen in that you don’t necessarily want oxygen, you want what’s on the other side of oxygen, which is life. The reason for this clarification is because there is an increasing apathetic sentiment in Gen Z towards money and retiring.
Further bullet points include:
Not selling you bitcoin, selling Gen Z their future (back)
Bitcoin as economic oxygen: Investing in bitcoin is not about bitcoin, it’s about what you can do once you’re not out of breath.
Marketing should reflect Gen Z’s values
Diversity / Community
Integrity (Authenticity & Transparency)
Agency (Ownership)
Marketing should clarify that Gen Z values bitcoin because they already value bitcoin’s values
Marketing should emphasize that we see you (you’re not getting left behind), we hear you, and what you say matters
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[73] https://bitcoin.org/bitcoin.pdf
[74] https://www.ey.com/en_us/consulting/2023-gen-z-study
[78] https://www.ey.com/en_us/consulting/2023-gen-z-study
[79] https://www.ey.com/en_us/consulting/2023-gen-z-study
[80] https://news.gallup.com/opinion/gallup/510395/gen-voices-lackluster-trust-major-institutions.aspx
[82] https://www.ey.com/en_us/consulting/2023-gen-z-study
[83] https://www.ey.com/en_us/consulting/2023-gen-z-study
[84] https://www.ey.com/en_us/consulting/2023-gen-z-study
[93] https://www.blackrock.com/us/individual/literature/presentation/2023-read-on-retirement-report.pdf
[94] https://institutional.fidelity.com/app/proxy/content?literatureURL=/9907600.PDF
[96] https://fortune.com/2023/07/26/gen-z-worried-wont-afford-retirement/
[97] https://institutional.fidelity.com/app/proxy/content?literatureURL=/9907600.PDF
[100] https://www.youtube.com/watch?v=7XWqdZzSP00
[101] https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html
[102] https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html
[103] https://preview.thenewsmarket.com/Previews/FINP/DocumentAssets/663841.pdf
[104] https://ustrustaem.fs.ml.com/content/dam/ust/articles/pdf/2024BoA-PB_Study_of_Wealthy_Americans.pdf
[109] https://www.finrafoundation.org/sites/finrafoundation/files/Gen-Z-and-Investing.pdf
[113] https://www.finrafoundation.org/sites/finrafoundation/files/Gen-Z-and-Investing.pdf
[114] https://www.finrafoundation.org/sites/finrafoundation/files/Gen-Z-and-Investing.pdf
[115] https://www.whatbitcoindid.com/podcast/repricing-the-world-in-bitcoin
[116] https://blockworks.co/news/bitcoin-movement-three-years
[117] https://river.com/learn/who-owns-the-most-bitcoin/
[118] https://buybitcoinworldwide.com/how-many-bitcoin-users/
[119] https://advisors.ubs.com/ronald.grasso/mediahandler/media/582898/global-wealth-report-2023.pdf
[120] https://advisors.ubs.com/ronald.grasso/mediahandler/media/582898/global-wealth-report-2023.pdf
[121] https://advisors.ubs.com/ronald.grasso/mediahandler/media/582898/global-wealth-report-2023.pdf
[122] https://nces.ed.gov/fastfacts/display.asp?id=73
[123] https://www.pwc.com/jg/en/publications/asset-and-wealth-management-revolution.html
[124] https://www.youtube.com/watch?v=7XWqdZzSP00
[125] https://www.youtube.com/watch?v=7XWqdZzSP00
[126] https://www.youtube.com/watch?v=7XWqdZzSP00
[127] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10092925/
[128] https://circle.tufts.edu/latest-research/41-million-members-gen-z-will-be-eligible-vote-2024
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