Author: Kailyn Rhone, The New York Times
Translation: Peggy, BlockBeats
Editor's Note: As Bitcoin and Ethereum have become symbols of popular culture, cryptocurrency is no longer just a speculative tool but is also packaged as a "gift for young people." However, amid real-world economic pressures and market pullbacks, Gen Z's attitude toward crypto assets is far more complex than imagined.
Through the real experiences of several individuals in their twenties, this article reveals a divided and cautious mindset: they are not averse to cryptocurrency and are even willing to "accept" it as a holiday gift. But when it comes to personal asset allocation, they prefer stable, predictable investments aligned with long-term life objectives. For them, cryptocurrency symbolizes both a changing era and a reminder of coexisting risks and uncertainties.
Below is the original text:
Wyatt Johnson still remembers constantly refreshing the Coinbase app during the cryptocurrency frenzy of 2021. He and his friends were convinced they were witnessing history, so Johnson decided to invest about $5,000.
But instead of making money, the value of his cryptocurrency—Solana—plummeted by nearly half within months.
22-year-old Wyatt Johnson suffered losses when his Solana holdings halved in value. Despite this, he is still open to receiving cryptocurrency as a Christmas gift. Image credit: Jenn Ackerman / The New York Times
Now 22, Johnson hasn't invested in cryptocurrency since, but he still follows the space and keeps up with the latest developments. Although he wouldn't risk his own money given the recent crypto market downturn, he wouldn't turn down digital currency if someone gifted it to him for Christmas.
"Currency is being democratized in ways we've never seen before," said Johnson, who lives in Hustisford, Wisconsin. "Things are changing. I think it's important for our generation to keep up with these changes."
Depending on one's perspective, a cryptocurrency gift can either feel like a scratch-off lottery ticket or a gift card with limitless potential. Even amid market volatility, some young Americans, particularly Gen Z, seem willing to unwrap gifts of Bitcoin or Ethereum this holiday season.
That doesn't mean cryptocurrency tops many wish lists. As retailers, payment companies, and crypto platforms package digital assets as "holiday-friendly" gifts, a bigger question emerges: Against a backdrop of economic uncertainty, does Gen Z actually want to receive cryptocurrency during the holidays?
Early signs point to a divide within Gen Z. Those in their twenties, especially those with investment experience, tend to be cautiously open—they're willing to accept crypto, but most would prefer support with savings, help with rent, or more stable, traditional assets like stocks. Johnson, for instance, said he'd rather receive gifts related to real estate or funds to support his AI venture than cryptocurrency.
Teens and younger Gen Z members who are just starting to explore investing appear more enthusiastic. Financial experts believe this is likely because they haven't yet experienced severe market swings. According to a recent Visa report, about 45% of Gen Z said they would be excited to receive cryptocurrency as a holiday gift.
"Gen Z isn't as afraid of volatility as older generations; what they really fear is stagnation," said Will Reeves, CEO of Bitcoin financial services company Fold. He added that traditional wealth-building paths like homeownership seem out of reach for many young people, while Bitcoin feels more accessible.
22-year-old Russell Kai began exploring investing after friends introduced him to the stock market two years ago. He is open to cryptocurrency but prefers holding equities. Image credit: Alana Paterson / The New York Times
Part of crypto's appeal is cultural. Rick Maeda, a research assistant at algorithmic trading firm Presto Research, noted that Gen Z grew up witnessing the rise of Bitcoin and Ethereum on social media. Even after a series of pullbacks, some young investors see high volatility as normal, even expected.
For many young people, receiving a small amount of cryptocurrency often serves as an entry point into the world of investing. Research from the Financial Industry Regulatory Authority (FINRA) and the CFA Institute shows that cryptocurrency is frequently the first asset class young investors hold. The study found that nearly one-fifth of Gen Z investors hold only crypto assets and non-fungible tokens (NFTs), or both; in contrast, Gen X investors primarily focus on traditional products like mutual funds.
But this openness comes at a complex time for the industry.
A year ago, Bitcoin briefly surpassed $100,000. Fueled by that milestone and the election of a pro-crypto president, many enthusiasts predicted the 16-year-old cryptocurrency would reach $250,000 by year's end.
Those predictions did not materialize.
After climbing to about $126,000 in October, Bitcoin fell to around $81,000 in late November—a drop of nearly 35%, erasing almost all of its gains for the year. (It has since rebounded, approaching $95,000 on December 9.) Other major cryptocurrencies also declined, with Ethereum down nearly 40% since August.
This volatility isn't unique to cryptocurrency; it reflects broader economic conditions, such as shifting interest rate expectations and tariff policies. As Gen Z grapples with job difficulties, moving back home to save money, or delaying major life milestones, they increasingly prefer stable investments—assets that won't "backfire" in the coming years, let alone fluctuate wildly in a matter of months.
Still, some in Gen Z see this year's decline as an opportunity rather than a warning sign. Stephen Kates, a financial analyst at consumer financial services company Bankrate, said many young people are putting money into cryptocurrency while prices are low. However, financial experts caution that cryptocurrency and lesser-known digital tokens are high-risk and should only make up a small portion of a more diversified portfolio.
For Russell Kai, a finance major living in Vancouver, Canada, cryptocurrency has always felt like the wildest corner of the financial world—too much volatility, too few safety rails. Two years ago, while still in college, he bought his first stock on a friend's advice and began investing. Since then, he has adhered to a principle: choose stable, government-issued assets over trendy digital products.
The 22-year-old Kai said that if he received cryptocurrency as a gift this year, he wouldn't refuse it but would likely sell it quickly and reinvest the cash into stocks he follows daily.
Clay Lute, 24, also said he is open to receiving cryptocurrency as a gift, but it isn't something he would specifically request. Based in Queens, New York, and working in the fashion industry, Lute believes Bitcoin will recover from its current slump and eventually grow in both value and utility; however, he doesn't foresee a boom where hundreds of cryptocurrencies coexist long-term.
"If I were to curate my own holiday wish list, putting money into my Roth IRA would clearly be more beneficial for my long-term future than betting on cryptocurrency," Lute said.
