Generation X Has Mixed Feelings About Bitcoin

Generation X is in a major social transition for the world in which it lived. It experienced the decline of colonial imperialism and the end of the Cold War. Generation X was hit hard by the global economic downturn at the end of the “Glorious Thirty”.

Richard Nixon’s decision in 1971 to end the convertibility of the U.S. dollar into gold-tipped them into a monetary and financial system that was no longer based on anything tangible.

The members of this Generation X experienced the bottom of the wave at the professional level, with great difficulty in finding stable and well-paying jobs.

Indeed, Generation X is looking for stability. When a person of this generation finds something that works, they will try to stick to it. This makes it extremely difficult for Generation X members to adapt to new and unexpected situations.

Those born in the 1960s are closer to the Baby Boomers in their mentality. Born in 1963, Peter Schiff is a perfect example of those Generation X members who are very close to the Baby Boomers in terms of mindset.

Here’s what Peter Schiff says about Bitcoin:

“The only thing I can do with my bitcoin is give it to somebody else.”

— Peter Schiff

Peter Schiff is aware of the existence of Bitcoin, may be interested in it, but he is not ready to evolve to recognize the complete paradigm shift it represents.

Within this generation, however, there are those who have been able to question it. They are a minority, but Peter Thiel is a good example. This highly successful entrepreneur who created PayPal, among other things, has the following position:

“Bitcoin is like a reserve form of money, it’s like gold and it’s just a store of value. You don’t need to use it to make payments.”

— Peter Thiel

Peter Thiel acknowledges the value of Bitcoin by considering it as a valuable reserve in the same way as gold. He does not seem to consider that Bitcoin can be used for payments in a generalized way, however.

All this shows that Generation X has a mixed feeling towards Bitcoin. Some will side with the Baby Boomers, while others will look at Bitcoin in certain aspects without believing it to be a real alternative to the current monetary and financial system.