The 2008-2009 financial crisis, also known as “The Great Recession,” has led to a prolonged distrust in our global banking system. This phenomenon has made the switch to online banking difficult for many and the use of traditional paper, plastic, and coin currency impossible for some.
The switch to a non-regulated currency was plenty attractive to Millennials and Gen X, even as late as 2021. In 2022, confidence dropped by over 15% for both groups. This change is likely due to the prevalence of “pump-and-dump” schemes and Bitcoin’s plummeting market value.
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