The world has seen all-time highs of unemployment rates and businesses filing for bankruptcies with the onset of the COVID-19 pandemic. It has been more than two years, and coronavirus variants still have global impacts, with travel restrictions being imposed and schools being relegated online.
While adults face financial problems, youngsters stress over the burden of online classes and the loss of face-to-face social interactions. According to a national poll conducted by the University of Michigan in 2021, one in three teen girls and one in five teen boys have dealt with new and worsening anxiety.
“Pandemic-related lifestyle changes have wreaked havoc on teens’ lives, with many experiencing disruptions to their normal routines. Our poll suggests that pandemic-era changes may have had a significant mental health impact for some teenagers,” poll co-director and Mott pediatrician Dr. Gary L. Freed said.
“Isolation during the pandemic may be triggering new problems for some teens but for others, the situation has exacerbated existing emotional health issues,” Freed added.
On top of anxiety from distance learning, teens are also faced with long hours of boredom staying cooped up at home. Boredom may also lead to added anxiety as teens’ minds are left to wander and think about what problems they have. Small problems then become big, and teens start to feel depressed, especially when they have no peers to talk to.
Dealing with Pandemic Boredom
Around the world, people of all ages have been negatively affected by the pandemic, and especially many teens who are used to being out and with friends. For many developing countries, schools have not yet been opened and students still have to go through distance learning.
Although there have been efforts to reopen schools , spread of the different COVID-19 variants have resulted in repeated school closures, continuing to isolate teens in their homes. Luckily, many teens have found an outlet that helps them both combat the pandemic blues and earn some extra cash.
With the youth nowadays being some of the most tech-savvy individuals, it is not a wonder that they have found a lucrative hobby in investing in digital currencies. With a lot of free time on their hands and being in front of the computer all day, teens have discovered that investing in digital currencies is worthwhile.
“I use all my pocket money towards investment in digital currencies. I have gained huge profits and I intend to continue doing this because this is such an easy way to make money. It is a volatile space, but the return on your investment is a motivating factor,” 18-year-old Dhairya of Delhi related.
“I use my entire pocket money in these investments, and I use that money to re-invest in digital currencies,” 17-year-old Mia Sharma of Pune added.
Exchanges, such as WazirX, CoinDCX and Kuber, do not actually allow investors below 18 to trade on their apps. But teens still find ways to trade, being drawn in by the lure of earning money for themselves.
“Facebook also does not allow kids to join their platform, but who really follows the rules? Exchanges are the same; so many kids use their parents’ credentials and become users,” Dhairya revealed.
“By the way, I am also quite interested in blockchain technology, and I believe in it. That’s why I now invest,” the teen added.
According to news editor Vikram Kanwar, some exchanges allow people to invest as low as INR 100-500, which when converted, only amounts to about $1.5 to $7. This makes it easier for teens like Dhairya and Mia to invest and make a profit. And as the number of teens investing in digital currencies continues to increase, exchanges have started to target teens.
“Companies like WazirX are consciously creating apps and portals where they target these young kids, lure them into these investments, and address all their questions in a matter of seconds or minutes,” Kanwar said.
The Future Generation
The Internet is riddled with news and information about digital currencies, and teens have taken advantage of that and educated themselves. Even global blockchain conventions are streamed live all over the world.
The challenge for these teens now is for them to be able to find the right information. Many websites present contrasting information of what a digital currency is and what blockchain technology is.
For instance, popular digital currency ETH is a highly tradable digital currency that is built on an unscalable and unreliable blockchain that accounts for transaction latency and failures, as well as high fees that peaked at $70 in May and $63 in October 2021.
ETH’s popularity has allowed people to trust in its blockchain. However, an unscalable blockchain is not and will never be sustainable. Teens like Dhairya who are interested in investing in blockchain need to be able to get access to the right information in order to be smart in where they place their investments—now and in the future.
Despite this challenge, however, it seems that teens will continue to fuel the digital asset market. These teens comprise the future generation of investors, and this is a very good thing for the digital currency market as it ensures the longevity and sustainability of this new industry.