How Do Young People View Bitcoin?

How Do Young People View Bitcoin

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As a young person, I have had my own though on the question of how young people view bitcoin. Before now I use to think that bitcoin issues should be for only the educated and wealthy like politicians, business expert, investors, as well as other top cadre in the society. But as years passed by, my thought and opinion changed due to the developments around bitcoin.

I do most times tried to sample opinion to see if other young ones have a different view, and just yesterday I came across this conversation which Anthony Pompliano had with Dylan LeClair of Bitcoin Magazine, enjoy the excerpt:

I had a conversation with Bitcoin Magazine’s Dylan LeClair yesterday on The Best Business Show. He is an intelligent and optimistic 20-year old who recently dropped out of college to focus full-time on bitcoin. Majority of Dylan’s time is spent creating analysis around the digital currency and the macro economy.

During the conversation, I asked Dylan about his personal portfolio.

The insights he shared were surprising. First, he is “more than 100%” allocated to bitcoin. He not only has his entire liquid portfolio allocated to bitcoin, but he also took out a number of 0% interest rate credit cards last year to help him buy even more of the asset during the volatility of the pandemic.

This sounds insane to most people. It probably is. But it highlights a level of courage and conviction that is uncommon in financial markets. It goes without saying, but there is a big difference between a 20-year old with no house, car, wife, or children doing this compared to someone who is older and has more responsibilities.

The second thing that Dylan said was he compares every investment opportunity to bitcoin. Bitcoin is his reserve asset. Rather than measure profits and losses against the US dollar, he chooses to use bitcoin as the benchmark. This makes majority of the stock market, bond market, currencies, and commodities look ridiculously unattractive. Almost all of them have crashed substantially against bitcoin in the last 1, 3, 5, and 10 years.

On this note, Dylan highlighted the fact that a contributing factor to his decision to drop out of college was the constant exposure to his finance and economics professors. They were still teaching antiquated economic and monetary ideas that have been disproven by the market, while completely dismissing the new technologies or updated data sets. This specific comment made me think more critically about what is happening right now — the legacy system is built on a mental framework that is still taught in economic classes, yet the new world is built on a completely different set of assumptions and frameworks.

Maybe the legacy frameworks are right. Maybe the new ones are right. The market will ultimately decide. But it is important to understand that the difference is not only playing out in various assets in the market, but it goes deep enough to see diabolically opposed schools of thoughts. In some way, you can think of this as the Keynesians vs the Austrians.

Lastly, Dylan said a number of times that his main focus was “stacking sats.” This may seem like some new age vernacular, but it is a great adherence to one of the most timeless investing principles in the world — buy a great asset and hold it forever.

This is true for Warren Buffett and this is true for a new generation of young people who are studying the decentralized, digital currency.

They may use different words, but they are emulating each other’s investment strategies.

Overall, my conversation with Dylan was interesting because it reminded me that young people are growing up in a world that is different from the world that my parents and grandparents lived in.

The assets are different. The monetary policies are different. So naturally, the investment strategies are different. You can no longer save your way to wealth and financial security. You must learn to invest.

And young people like Dylan LeClair are choosing bitcoin as their reserve asset.

Wild, yet encouraging, to watch. Have a great day.

This conversation really got me thinking. One of the thing that strike me is when he said that:

a contributing factor to his decision to drop out of college was the constant exposure to his finance and economics professors. They were still teaching antiquated economic and monetary ideas that have been disproven by the market, while completely dismissing the new technologies or updated data sets.

I beg to agree with this young man because most of us were bombarded with these antiquated theories which as a result makes us to be blind to the new technologies that has come to stay. Thank God, I have break free from that defence I found myself and now thinking outside the box. I now embrace bitcoin with full effort.
If you ask me, I will say that 'Young People View Bitcoin Uniquely'.

If you are a young person, do you view it in a different dimension? Hit the comment box and let us hear your view.

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