The future of DeFi is on TikTok

The younger generation has no disposable income right now, but they are financially savvy thanks to short videos on social media
Opinion
In July 2021, TikTok reached three billion downloads. The social network has more than a billion active monthly users. And, in the US, TikTok is now more popular with Gen Z than Instagram.

Over the past six months, Bitcoin (BTC) has seen a decline of more than 70% from its all-time high north of $69,000 in 2021. Market volatility is to be expected. But if decentralized finance (DeFi) is to have a future, it needs to be embraced by more people. The aforementioned volatility (as well as the cynicism of cryptocurrency in general) discourages many investors. Luckily, Gen Zers aren't your typical investors.
Digital literacy and financial knowledge
Finance on TikTok has become so popular that it has its own portmanteau. Dubbed FinTok, finance-related content has seen a meteoric rise with the social network itself. Last year, the #Crypto hashtag exploded, getting 1.9 billion videos. Downloads tagged #NFT increased by 93,000% (still fueled by the general boom in interest in NFT). And videos with the hashtag #StockTok got 1.4 billion views.

The glut of money management videos is not limited to the crypto market. Last year, the #PersonalFinance hashtag garnered over 4.4 billion views, with content covering everything from tax and budgeting to savings and debt. Considered in the context of TikTok's main users - Generation Z - it shows that today's young people have a healthy appetite for financial information. They just want to consume it accompanied by a catchy pop song and a viral dance.

Related: Throw Your Bored Apes in the Trash

Young adults are also at the forefront of digital asset adoption. According to CNBC's "Invest in You" survey, 18-34 year olds accounted for 15% of cryptocurrency investments, compared to 11% for 35-64 year olds and a measly 4% for those 65+. The problem is that a sizable segment of this 18-34 demographic sees crypto as a s...

Crypto Oct 3, 2022 0 93 Add to Reading List

The younger generation has no disposable income right now, but they are financially savvy thanks to short videos on social media

Opinion

In July 2021, TikTok reached three billion downloads. The social network has more than a billion active monthly users. And, in the US, TikTok is now more popular with Gen Z than Instagram.

Over the past six months, Bitcoin (BTC) has seen a decline of more than 70% from its all-time high north of $69,000 in 2021. Market volatility is to be expected. But if decentralized finance (DeFi) is to have a future, it needs to be embraced by more people. The aforementioned volatility (as well as the cynicism of cryptocurrency in general) discourages many investors. Luckily, Gen Zers aren't your typical investors.

Digital literacy and financial knowledge

Finance on TikTok has become so popular that it has its own portmanteau. Dubbed FinTok, finance-related content has seen a meteoric rise with the social network itself. Last year, the #Crypto hashtag exploded, getting 1.9 billion videos. Downloads tagged #NFT increased by 93,000% (still fueled by the general boom in interest in NFT). And videos with the hashtag #StockTok got 1.4 billion views.

The glut of money management videos is not limited to the crypto market. Last year, the #PersonalFinance hashtag garnered over 4.4 billion views, with content covering everything from tax and budgeting to savings and debt. Considered in the context of TikTok's main users - Generation Z - it shows that today's young people have a healthy appetite for financial information. They just want to consume it accompanied by a catchy pop song and a viral dance.

Related: Throw Your Bored Apes in the Trash

Young adults are also at the forefront of digital asset adoption. According to CNBC's "Invest in You" survey, 18-34 year olds accounted for 15% of cryptocurrency investments, compared to 11% for 35-64 year olds and a measly 4% for those 65+. The problem is that a sizable segment of this 18-34 demographic sees crypto as a s...