Author: Kailyn Rhone, The New York Times

Translation: Peggy, BlockBeats

Editor's Note: In an era where Bitcoin and Ethereum have become cultural symbols, cryptocurrency is no longer just a speculative tool; it is also packaged as a "gift for the youth." However, under the real economic pressures and market pullbacks, Generation Z's attitude towards crypto assets is far more complex than one might imagine.

This article presents a divided yet restrained mindset through the real experiences of several individuals in their 20s: they do not reject cryptocurrency and are even willing to "accept" it as a gift 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 a change of era while also reminding them of the coexistence of risk and uncertainty.

Here is the original text:

Wyatt Johnson still remembers the scene during the cryptocurrency frenzy in 2021, constantly refreshing the Coinbase app. He and his friends were convinced they were witnessing history, so Johnson decided to invest about $5,000.

But the outcome was not profit; rather, the cryptocurrency he held—Solana—lost nearly half its value within a few months.

22-year-old Wyatt Johnson suffered losses as the price of his cryptocurrency Solana was cut in half. Nevertheless, he is still willing to receive cryptocurrency as a gift during Christmas. Photo credit: Jenn Ackerman / The New York Times

Now 22, Johnson has not invested in cryptocurrency since, but he continues to follow the field and keep up with the latest developments. Although he wouldn't invest his own money right now due to the recent downturn in the crypto market, he wouldn't refuse if someone gifted him digital currency for Christmas.

"Currency is becoming democratized in unprecedented ways," 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 feel like a scratch-off lottery ticket or a gift card with unlimited potential. Even amid market volatility, some young Americans, especially Generation Z, still seem willing to unwrap gifts of Bitcoin or Ethereum this holiday season.

This does not mean that cryptocurrency tops many people's wish lists. As retailers, payment companies, and crypto platforms package digital assets as "holiday-friendly" gifts, a larger question arises: Do Generation Z really want to receive cryptocurrency during the holidays in the face of uncertain economic prospects?

Preliminary signs indicate a division within Generation Z. Those in their twenties, especially those with investment experience, often hold a cautiously open attitude—they can accept cryptocurrency, but most prefer to receive support for savings, rent subsidies, or more stable, traditional assets like stocks. Johnson stated that he would rather receive gifts related to real estate or funds to support his AI startup than cryptocurrency.

On the other hand, teenagers and younger members of Generation Z who are just starting to invest appear to be more enthusiastic. Financial experts believe this is likely because they have not yet deeply experienced the market's dramatic ups and downs. According to a recent Visa report, about 45% of Generation Z said they would feel excited to receive cryptocurrency during the holidays.

"Generation Z is not as afraid of volatility as older generations; what they truly fear is stagnation," said Will Reeves, CEO of Bitcoin financial services company Fold. He added that traditional wealth accumulation paths, like homeownership, seem out of reach for young people, while Bitcoin feels more accessible.

22-year-old Russell Kai began exploring investments two years ago after being introduced to the stock market by a friend. He holds an open attitude towards cryptocurrency but prefers to hold stocks instead. Photo credit: 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, noted that Generation Z is the generation that witnessed the rise of Bitcoin and Ethereum on social media. Even after experiencing a series of pullbacks, some young investors still view the high volatility of cryptocurrency as the norm, even taking it for granted.

For many young people, receiving a small amount of cryptocurrency often marks the beginning of their journey into the investment world. Research from the Financial Industry Regulatory Authority (FINRA) and the CFA Institute shows that cryptocurrency is often the first type of asset held by young investors. The study found that nearly one-fifth of Generation Z investors only hold crypto assets and non-fungible tokens (NFTs), or both; in contrast, Generation X's investments are primarily concentrated in traditional products like mutual funds.

However, this open attitude is emerging at a rather complex time for the industry.

A year ago, Bitcoin's price briefly surpassed $100,000. Against the backdrop of this milestone and the election of a pro-crypto president, many enthusiasts predicted that this 16-year-old cryptocurrency would rise to $250,000 by the end of the year.

However, these predictions did not come true.

After climbing to about $126,000 in October, Bitcoin fell back to around $81,000 in late November, a decline of nearly 35%, nearly erasing all gains made this year. (Since then, Bitcoin has rebounded, reaching nearly $95,000 on December 9.) Other major cryptocurrencies also fell, with Ethereum's decline since August approaching 40%.

This volatility is not just a problem for cryptocurrency itself but reflects a broader economic environment, such as changes in interest rate expectations and the impact of tariff policies. In a context where Generation Z generally faces employment difficulties, moves back in with parents to save money, or delays significant life milestones, they prefer to choose stable investments—assets that won't "flip" in the coming years, let alone experience dramatic changes in the coming months.

However, some Generation Z members view this year's downturn as an opportunity rather than a warning signal. Stephen Kates, a financial analyst at consumer financial services company Bankrate, stated that many young people are taking advantage of lower prices to invest in cryptocurrency. However, financial experts caution that cryptocurrencies and lesser-known digital tokens carry high risks and should only occupy a small portion of a more diversified investment portfolio.

For Russell Kai, a 22-year-old finance major living in Vancouver, Canada, cryptocurrency always seems like the most chaotic corner of the financial world—too much volatility and too few safety rails. Two years ago, while still in college, he bought his first stock at a friend's urging and began investing. Since then, he has adhered to one principle: choose stable or government-issued assets rather than trendy, popular digital products.

Kai, 22, stated that if he received cryptocurrency as a gift this year, he wouldn't refuse it, but he would likely sell it quickly and reinvest the cash into the stocks he monitors daily.

24-year-old Clay Lute also expressed an open attitude towards receiving cryptocurrency gifts, but it is not something he would actively request. Living in Queens, New York, and working in the fashion industry, Lute believes that Bitcoin will recover from its current low and ultimately grow in value and practical use; however, he does not believe in a "prosperous era" where hundreds of cryptocurrencies coexist long-term.

"If I could curate my own holiday wish list, then putting money into my Roth IRA is clearly more beneficial for my long-term future than betting on cryptocurrency," Lute said.

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