Millennials and Generation Z, already the heaviest users of social media, have a new online passion: trading cryptocurrencies. Pew Research Center found that 31% of young adults ages 18-29 — and 43% of men in that age group — have invested in or used cryptocurrencies, more than any other age group.
And now, they can combine their crypto-investing success with a social media shoutout.
Coinbase, the biggest U.S. cryptocurrency exchange, has rolled out social-media tools allowing users to share information about their portfolios. They can also interact with other Coinbase customers by posting questions and comments about cryptocurrencies.
The shared portfolio information will be limited to the names of the cryptocurrency assets held, their allocation percentages and a performance trendline. It will not reveal the portfolio balance.
Coinbase has also added a feature that allows users to have all or part of their paychecks directly deposited into their Coinbase accounts, much like many employees have their pay deposited directly into their banks or financial institutions. The money can be deposited in dollars or converted into any of the scores of cryptocurrencies available on Coinbase, including Bitcoin and Ethereum.
But while younger adults are scooping up the digital coins, the crypto craze has yet to catch on with older Americans. According to the Pew survey, only 3% of seniors 65 and older have invested in or used cryptocurrencies. For this generation, “Ask me about my crypto” will not replace “Ask me about my grandchildren” anytime soon. — PETER KING
