I belong to the Millennial generation knowing today's challenging economic situation despite all the progress and advancement in technology. Fifty years ago, almost anyone with a decent job could quickly start a family and purchase a house. I read an online article published in The Exponent Telegram about a 97-year old man raised nine children on a measly pay of $350 every month way back in 1967. The United States Bureau of Labor Statistics explained that particular paycheck would be something like $2, 750 today.

How do most adults describe millennials? Many people criticize millennials for the lack of financial know-how. My generation views everything related to money explicitly investing cautiously due to the Great Recession's influence having seen its terrible effects on our parents. A report from Merrill Edge published last December 1 (2017), stated how millennials persist in pursuing financial autonomy as well as self-sufficiency.

The 2007 Economic Depression

As a young guy still trying to learn the ropes about financial planning and priorities that face this age group, I noticed that a lot of people had lost trust in banking institutions and governments which focus solely on profit-generation and their interests. I would like to think that many of them lost faith in the current economic system following the 2007 financial meltdown. The downturn triggered a credit crisis when banks tightened lending requirements and acquiring funds became harder.

The financial collapse affected banks, business corporations, households, enterprises, and the world economy. Large commercial banks lost considerable capital as the public turned their backs on the entire system. The decline of consumer confidence would eventually lead to scarcity of finances affecting future profits of banks. Likewise, capital preconditions and regulations became more rigorous

My Piece on Retirement – Cryptocurrencies

Retirement may be far away from my mind at this time, but family members told me it would be a big plus if I also include this in your savings and investment program. According to my folks, this translates retiring in my terms and living comfortably for the rest of my life. Instead of keeping my hard-earned money in a savings account or retirement fund, I can explore a more lucrative opportunity like Bitcoin. Perhaps, I can retire even sooner than expected.

I also came across other articles that described how some legitimate millennials who became millionaires now seriously consider stuff like cashless environment, unregulated digital payments, and Bitcoin trading. In fact, some of them use this digital currency as the basis for long-term savings. Financial experts think all these developments can stir the foundation where global financial giants put up their multi-billion empires on.

Bitcoin as High-growth investment

I share what my peers believe about Bitcoin as well as other reputable digital currencies. Bitcoin will finally boom next year. This year, the Japanese government officially adopted Bitcoin as a formal payment method. At present, more than 250, 000 retail outlets, restaurants, and food stores in this country accept the cryptocurrency. This move made by Japan sets an example for other nations. As reported by Forex News Live, predictions for further growth are looking great.

In other parts of the world, the transaction volume of Bitcoin increased 55% also in 2017 with around 30, 000 crypto wallets created on a daily basis. Reports have been circulating that Amazon.com will soon accept the BTC as payment for merchandise. If and when this happens, I see the virtual currency as flourishing. Millennials also expect a remarkable growth in control and oversight for cryptocurrencies. This development will prod financial institutions worldwide to invest billions of dollars in this currency.

I also found out that many consumers look forward to the approval of Exchange Traded Funds (ETFs) by the United States Securities and Exchange Commission (SEC) next year. According to my research, the SEC consent will enable financial conglomerates to invest in virtual currencies and give their clients a wide assortment of investment options involving Bitcoin. The ETFS will open the cryptocurrency to numerous investors who don't feel comfortable with purchasing coins and finding ways of safe storage.

What's next for me?

I want to be sure that upon retirement, my family will not encounter any financial issues. If this comes soon, I would like to be stable and hope that choosing this option promises a brighter future for my loved ones.