In the latest cryptocurrency theory, COVID-19 is driving Bitcoin adaption in the youth, i.e., the generation Z. Michael Novogratz believes that while the economy is in the shackles of Covid-19, generation Z is gaining more interest in Bitcoin day by day.
Mike Novogratz, chief executive officer of Galaxy Digital recently tweeted his reasoning on why Millenials and other young actors are preferring Bitcoin over traditional assets. The statement comes at a time when Bitcoin adaption is evident since the Bitcoin price is rising despite the down market.
COVID-19 driving Bitcoin adaption in Generation Z?
Per Mike’s reasoning, since the equity markets are falling due to Coronavirus, major traditional assets like S&P and gold are going down with them. However, the King coin BTC seems to be firm in its position in the mid-$6,000 zones.
Mike Novogratz explained that the young generation is experiencing all of this first hand. As the motto ‘Bitcoin fixes it’ is reiterated frequently in the crypto community, Mike believes this is the reason why Millennials are preferring Bitcoin over traditional assets.
Millennials and Gen Z get to inherit all these liabilities being written by the +75 crowd in charge today. Really doesn’t seem just. The Boomers will go down as the generation that bankrupted the USA. Maybe why young people like $BTC.
— Michael Novogratz (@novogratz) March 25, 2020
According to Mike, the ongoing ‘QE infinity’ measures initiated by the federal reserve system will bankrupt the USA, as a total of $2 trillion is being infused into the economy along with the ‘free cash’ scheme offered to US citizens by President Trump.
Many popular crypto influencers have attacked this move by the Government.
🚨Here is what just happened🚨
1. Government shut down small businesses
2. Forced unemployment for millions
3. Bailed out Wall Street
4. Devalued the savings of those without assets
5. Sending you $1,200 and "thoughts & prayers"
Educate yourself. No one is looking out for you.
— Pomp 🌪 (@APompliano) March 25, 2020
One such crypto influencer going by the twitter handle @APompilano tweeted the events that unfolded recently in the USA as a result of Covid-19. Governments shut down small businesses and forcefully unemployed millions of people. The influencer further stated that offering people $12,00 is not a solution.