Cryptocurrency as Christmas gifts? Generation Z is rethinking it.

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Original Title: Crypto for Christmas? Gen Z-ers Are Cautiously Open to the Idea. Original Author: Kailyn Rhone, The New York Times Translation: Peggy, BlockBeats

Editor’s note: Today, with Bitcoin and Ethereum already symbols of pop culture, cryptocurrencies are no longer just speculative tools but are also packaged as “gifts for young people.” However, under the realities of economic pressures and market pullbacks, Generation Z’s attitude toward digital assets is more complex than imagined.

This article presents the real experiences of several young people in their twenties, revealing a divided yet restrained mindset: they are not opposed to cryptocurrencies and are even willing to “accept” them as gifts during the holidays, but when it comes to personal asset allocation, they prefer stable, predictable investments related to long-term life goals. For them, cryptocurrencies symbolize both a shift of the times and a reminder of the risks and uncertainties involved.

Below is the original text:

Wyatt Johnson still remembers the crypto frenzy of 2021, when he kept refreshing the Coinbase app. He and his friends believed they were witnessing history, so Johnson decided to invest about $5,000.

But the result was not profit, but a nearly 50% drop in the value of his held cryptocurrency—Solana—within a few months.

22-year-old Wyatt Johnson experienced a loss when the price of his cryptocurrency Solana was cut in half. Nevertheless, he is still open to receiving cryptocurrencies as gifts during Christmas. Image source: Jenn Ackerman / The New York Times

Since then, 22-year-old Johnson has not invested in cryptocurrencies again, but he still follows the field and keeps up with the latest developments. Although he is not investing his money now due to the recent downturn in the crypto market, he would not refuse digital currency as a Christmas gift.

“Money is becoming more democratized than ever before,” said Johnson, who lives in Hustisford, Wisconsin. “Things are changing. I think it’s important for our generation to keep up with these changes.”

Different perspectives mean that crypto gifts are either like a scratch-off lottery ticket or a gift card with unlimited potential. Even amid market volatility, some young Americans, especially Gen Z, seem willing to open gifts like Bitcoin or Ethereum during this holiday season.

This does not mean that cryptocurrencies are at the top of many people’s wish lists. As retailers, payment companies, and crypto platforms package digital assets as “holiday-friendly” gifts, a bigger question emerges: in the face of uncertain economic prospects, does Generation Z really want to receive cryptocurrencies during the holidays?

Initial signs show division within Generation Z. Those in their twenties, especially those with investment experience, tend to be cautiously open—they can accept cryptocurrencies but prefer support for savings, rent subsidies, or more stable, traditional assets like stocks. Johnson said he would prefer to receive real estate-related gifts or funds to support his AI startup projects over cryptocurrencies.

Younger teens and early members of Generation Z who are just starting to invest are more enthusiastic. Financial experts believe this is likely because they have not yet experienced the market’s sharp fluctuations in depth. According to a recent Visa report, about 45% of Generation Z would feel excited to receive cryptocurrencies 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-building paths like homeownership seem out of reach for young people, while Bitcoin offers a more accessible alternative.

22-year-old Russell Kai was introduced to the stock market by friends two years ago and began exploring investments. He is open to cryptocurrencies but prefers holding stocks. Image source: Alana Paterson / The New York Times

Part of the appeal of digital assets comes from cultural factors. Rick Maeda, research assistant at algorithmic trading firm Presto Research, said that Generation Z is the first to witness the rise of Bitcoin and Ethereum on social media. Even after a series of corrections, some young investors see high volatility in cryptocurrencies as normal, even inevitable.

For many young people, receiving a small amount of cryptocurrency is often their first step into the investment world. Research from FINRA and the CFA Institute shows that cryptocurrencies are often the first assets held by young investors. The study found that nearly one-fifth of Generation Z investors hold only crypto assets and NFTs, or both; in contrast, Generation X mainly invests in traditional products like mutual funds.

But this openness comes at a time when the industry faces a complex environment.

A year ago, Bitcoin’s price briefly surpassed $100,000. Amid 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 materialize.

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

This volatility reflects broader economic factors, such as changing interest rate expectations and tariff policies. Against the backdrop of widespread employment difficulties among Generation Z, who are moving back in with parents to save money or delaying major life milestones, they prefer stable investments—assets unlikely to “flip” in the coming years, let alone in the coming months.

However, some members of Generation Z see this year’s decline as an opportunity rather than a warning. Stephen Kates, a financial analyst at consumer finance company Bankrate, said many young people are taking advantage of lower prices to invest in cryptocurrencies. Still, experts warn that cryptocurrencies and lesser-known digital tokens carry high risks and should only be a small part of a diversified portfolio.

For Russell Kai, who lives in Vancouver, Canada, and majors in finance, cryptocurrencies are always the most chaotic corner of the financial world—too much volatility, too few safety rails. Two years ago, while still in college, he bought his first stock on a friend’s advice and started investing. Since then, he has adhered to a principle: choose stable assets or government-issued ones rather than trendy, popular digital products.

Kai, 22, said that if he received cryptocurrencies as a gift this year, he probably wouldn’t refuse but would likely sell them quickly and reinvest the cash into stocks he follows daily.

24-year-old Clay Lute also expressed openness to receiving crypto gifts but said it’s not something he would proactively request. Living in Queens, New York, and working in the fashion industry, Lute believes Bitcoin will recover from its current lows and ultimately increase in value and practical use; however, he does not believe in a prosperous era where hundreds of cryptocurrencies flourish long-term.

“If I could make my own holiday wishlist, investing that money into my Roth IRA would obviously be better for my long-term future than betting on cryptocurrencies,” Lute said.