This week, the Trump administration unveiled a roadmap meant to bolster America as “the crypto capital of the world,” following through on campaign promises to crypto lovers.
Earlier this month, after Congress passed the first major set of crypto legislation, I asked The Up and Up’s Gen Z community how they’re feeling about crypto. The series of questions revealed a split in how young people are thinking about digital assets. Amongst this crowd, there’s both confusion and curiosity.
While most acknowledge that crypto is here to stay, many don’t see it as something that’s accessible to them. As with most things with Gen Z, skepticism is high and gaining trust is key but difficult. Personal finance is hard enough as it is for Gen Z.
Moral of the story? There’s a hunger for more info and a massive opportunity for those looking to educate and engage with Gen Z when it comes to digital assets and crypto literacy.
Here are my top takeaways:
Crypto still feels confusing, and most see it as inaccessible.
When asked what comes to mind with crypto, a number of respondents said they feel they don’t know enough about it. Some worry that it’s a scam and too volatile to be touched. Others see their peers making financial gains with crypto and don’t want to be left behind. But across the board, crypto feels inaccessible, thanks to the stereotype that the industry is wholly dominated by frat bros, even if that’s a misconception.
There’s crypto curiosity and an appetite for more info.
Interestingly enough, the replies sound similar to when I ask questions about AI, including fear around what the technology is doing to the environment. But even from those who may want to dismiss crypto, there’s an understanding that it’s not just a trend. There’s a palpable hunger for more info, especially from young women who are starting to question if it’s something that could benefit them.
Trust is key – and has to be earned.
On the whole, Gen Z is deeply skeptical: of institutions (yes, banks), mainstream news, and even content on social media. With its anti-institutional foundation rooted in decentralization, cryptocurrency should hypothetically appeal to this generation. But trust has to be earned, and young people aren’t just going to automatically buy into something, especially if they don’t feel comfortable in the culture that surrounds it.
Most young people turn to friends and their For You Page for crypto info and advice.
When asked where they turn for crypto advice, most pointed to two places: friends and TikTok. In a world where trust is hard to come by, peer-to-peer recommendations rule. Financial literacy is already scarce for this generation (lately, in listening sessions, the top thing high school grads have been telling me is that they wish there were required classes on personal finances before they graduated). There’s so much mis and disinformation about money and markets coming from all angles and general confusion or anxiety around the economy. With a whole other asset class now in consideration, young people are turning to their friends for pointers.
Young people want crypto to be for them
The finance bro stereotype dominates the crypto space. But young people are looking to change that, and respondents see the potential for women and people of color to benefit from cryptocurrency. The idea that crypto is only for one kind of person is starting to shift. Representation is deeply important to this generation. Those looking to engage with untapped crypto consumers would benefit from expanding their public display of who’s already involved.
Want to go deeper? Here’s some of what I heard. (Repeat answers not included)
When you think of cryptocurrency, what comes to mind?
Bitcoin bros
Hedge against the gov
Massive opportunity but high risk and sketchy
NFTs
Scam
Fake bs
Honestly I had to look it up
Bitcoin, xrp, herdera
💵
I don’t know what it is
“Bitcoin, Dogecoin, Elon Musk, Finance Bros,” said a 20-year-old woman in North Carolina.
Rich people stuff I don’t understand
Crypto was supposed to decentralize power. Instead, it became another playground for the wealthy and well-connected, just with different jargon
Glorified stock and what’s wrong with normal real currency?
Online money
“I think it’s the future when the bills required are passed, but due to rug pulls and meme coins I think right now they have no validity,” said a 21-year-old man in Virginia.
Trading, instability
Environmental degradation
Speculative asset
Volatility
Finance frat bros
If you own crypto, which do you own?
XRP, Dogecoin, etc, shib, bonk
ETC and Doge
Bitcoin, xrp, sol, eth
Herdera, xrp, xlm, Cardano
BTC, ETH, SOL
(Two people said they don’t own it anymore)
Where do you get your crypto information or advice?
TikTok and my boyfriend
TikTok
Instagram, some newsletters
TikTok
FT
Friends
Work
Parents and friends
Social media and family
Finance sites
Independent research
Twitter and political streamers
YouTube analysis videos. Folding Ideas is the main channel
From your POV, what are the biggest misconceptions about crypto?
That it’s just a trend
“That it’s just for one kind of person,” said a 29-year-old in New York.
It’s a total fraud or something to be ignored
I think most people don’t really know what it is. I also think believing crypto can actually be a valid form of exchange is a pipe dream.
Unsure… maybe that it will make you a ton of money
Some people still seem too enamored with crypto, and seem to still believe the original idealism of the currency. It is no better than any other speculative stock.
It’s not a currency, it’s an extension of the stock market, aka it’s gambling
That it is completely unregulated
Rug pulls, not every crypto will take your money
It is fake money
Unsafe and unpredictable
“That you have to be rich and well off to consider buying or that this isn’t going to be a huge part of our lives and the next generations to come,” said a 19-year-old woman in Massachusetts.
That it’s all straight white men - I know a lot of women and people of color using it to their advantage
That it’s only an investment tool
That it’s a scam
“I think people joke about it a lot and don’t look into it because it sounds so foreign to us. But it’s real and people get really wealthy off of it,” said a 22-year-old woman in Ohio.
Noteworthy reads
Does Anyone Care That Young Women Are Just as Lonely as Men Are?, Stacia Datskovska for Cosmopolitan
ChatGPT's new study mode won't give you the answers, Megan Morrone for Axios
The Gen Z New Yorkers Selling Their Parents on Mamdani, Ginia Bellafante for The New York Times
Bonus round
Tyb, the community rewards platform and loyalty program popular with Gen Z, is having a big week, bringing on Crocs and Outdoor Voices (which made headlines of its own this week for bringing back Ty Haney, who also co-founded tyb and is the company’s CEO).
I first heard about tyb from a member of The Up and Up Community, who said she likes brands on the platform that are taking their community engagement seriously.
ICYMI, in June, tyb announced that it had raised an $11M series A round, gearing up for growth. There’s certainly synergy between tyb and Outdoor Voices, both meant to build community around products.
It’s a basic casino where the house wins the majority of the time and the losers give their money for the rich who can afford to lose periodically. Big PONZI scheme and not for stable earnings investments unless you don’t mind losing every hard earned dollar you’ve slaved for.