Original Title: Crypto for Christmas? Gen Z-ers Are Cautiously Open to the Idea.
Original Author: Kailyn Rhone, The New York Times
Compiled by: Peggy, BlockBeats
Editor's Note: Today, as Bitcoin and Ethereum have become symbols of popular culture, cryptocurrency is no longer just a tool for speculation but is also packaged as a 'gift for young people.' However, amid real economic pressures and market pullbacks, Generation Z's attitude toward crypto assets is far more complex than imagined.
Through the real experiences of several people in their 20s, this article presents a divided and restrained mindset: they are not averse to cryptocurrency and are even willing to 'receive' it during the holidays, but when it comes to personal asset allocation, they prefer stable, predictable investments related to long-term life goals. For them, cryptocurrency symbolizes both a change of the times 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 cryptocurrency he held—Solana—lost nearly half its value within a few months.
22-year-old Wyatt Johnson suffered losses when the price of his cryptocurrency Solana halved. Despite this, he is still willing to receive cryptocurrency as a Christmas gift. Image source: 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 invest his own money now due to the recent crypto market downturn, he wouldn't refuse digital currency if someone gave it to him for Christmas.
"Money is being democratized in ways 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 the perspective, a cryptocurrency gift can be either like a scratch-off lottery ticket or a gift card with unlimited potential. Even with market volatility, some young Americans, particularly Gen Z, seem willing to unwrap gifts of Bitcoin or Ethereum this holiday season.
This 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 really want to receive cryptocurrency for the holidays?
Early signs indicate a split within Gen Z. Those in their twenties, especially with investment experience, tend to be cautiously open—they are okay with cryptocurrency, but most would prefer support for savings, rent subsidies, or more traditional assets like stocks. Johnson, for example, said he would rather receive gifts related to real estate or funds to support his AI startup project than cryptocurrency.
Teenagers and younger Gen Z members who are just starting to invest appear more enthusiastic. Financial experts believe this is likely because they haven't deeply experienced the market's wild swings. According to a recent Visa report, about 45% of Gen Z said they would be excited to receive cryptocurrency for the holidays.
"Gen Z isn't as afraid of volatility as older generations are; what they're really afraid of is stagnation," said Will Reeves, CEO of Fold, a Bitcoin financial services company. He added that traditional wealth-building paths like homeownership seem out of reach for young people, while Bitcoin feels more accessible.
22-year-old Russell Kai began exploring investing after being introduced to the stock market by a friend two years ago. He is open to cryptocurrency but prefers holding stocks comparatively. Image source: Alana Paterson / The New York Times
Part of the appeal of crypto assets comes from cultural factors. Rick Maeda, a research assistant at algorithmic trading firm Presto Research, said Gen Z is the generation that witnessed the rise of Bitcoin and Ethereum on social media. Even after a series of pullbacks, some young investors still see the high volatility of cryptocurrency as normal, even expected.
For many young people, receiving a small amount of cryptocurrency is often the starting point for entering the world of investing. Research from the Financial Industry Regulatory Authority (FINRA) and the CFA Institute shows that cryptocurrency is often the first type of asset 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, Generation X's investments are主要集中在 traditional products like mutual funds.
But this openness is emerging at a particularly complex time for the industry.
A year ago, the price of Bitcoin一度 broke through $100,000. Against this milestone and the election of a pro-crypto president, many proponents predicted the 16-year-old cryptocurrency would reach $250,000 by the end of the year.
However, those predictions did not come true.
After climbing to about $126,000 in October, Bitcoin fell back to around $81,000 in late November, a drop of nearly 35%,几乎 erasing all its gains for the year. (Bitcoin has since rebounded, approaching $95,000 on December 9.) Other major cryptocurrencies also fell, with Ethereum down nearly 40% since August.
This volatility is not just a problem for cryptocurrency itself but a reflection of the broader economic environment, such as changes in interest rate expectations and the impact of tariff policies. Against a backdrop where Gen Z普遍 faces employment difficulties, moves back in with parents to save money, or delays major life milestones, they prefer stable investments—assets that won't 'backfire' in the coming years, let alone undergo剧烈 changes in the coming months.
But 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 part of a more diversified investment portfolio.
For Russell Kai, a finance major living in Vancouver, Canada, cryptocurrency has always seemed like the most chaotic corner of the financial world—too much剧烈 volatility and too few safety rails. Two years ago, while still in college, he bought his first stock at a friend's persuasion and started investing. Since then, he has adhered to a principle: choose stable or government-issued assets over trendy, popular digital products.
The 22-year-old Kai said that if he received cryptocurrency as a gift this year, he wouldn't refuse it, but he would likely sell it quickly and put the cash into the stocks he follows daily.
24-year-old Clay Lute also said he is open to receiving cryptocurrency as a gift, but it's not something he would actively request. Lute, who works in the fashion industry and lives in Queens, New York, believes Bitcoin will recover from its current trough and eventually grow in both value and practical utility; but he doesn't believe in a繁荣 era where hundreds of cryptocurrencies will coexist long-term.
"If I could curate my own holiday wish list, putting money into my Roth IRA would obviously be more beneficial for my long-term future than betting on cryptocurrency," Lute said.
