The traditional fiat system is losing ground among younger generations, who are increasingly attracted to the opportunities and freedom offered by cryptocurrencies, according to Jordi Visser. In a podcast episode with Blockworks, he detailed this growing shift towards the digital economy, particularly prominent in Asia.
Visser portrays the financial system as two nations: fiat and crypto. Noting the disparity between these, he observes that while the fiat world is largely controlled by older demographics, the crypto world appeals more to the younger generation and is dominating in Asia, where 70% of cryptocurrency users are located. Visser suggests this represents a significant shift away from traditional economic powerhouses, largely due to the opportunities provided by the digital world.
The internet has played a major role in this migration, making education more accessible globally and simplifying the process of setting up new businesses. This transformation in accessibility and opportunity has allowed younger individuals, particularly in Asia, to bypass traditional pathways of moving to the West for education or funding.
The newfound appeal of remote work also contributes to this shift, as it negates the necessity of working for large companies in fixed locations. Visser notes the flexibility of remote work as a major draw for the younger population, offering them increased independence and the ability to engage in innovative collaborative ventures.
The limitations and concentrated wealth of the fiat system are propelling this trend further. "Few young people are 'winning in the fiat system,'" Visser says. With the wealth concentrated in the hands of a few and an overall loss of trust in institutions, the crypto world offers a promising alternative.
Finally, Visser compared the allure of crypto to the initial concept of the internet, before its monopolization by tech giants. In his view, the crypto world is the new frontier of decentralized financial freedom and opportunity, much like the American dream of old, and its appeal is set to continue to attract the youth and innovators around the world.
