~Thanks to the high volume of young professional millennials who are relocating back to the “D”, it was only a matter of time before the Crypto Community realized Detroit was the perfect Midwest city to introduce Bitcoin ATM’s. According to a Detroit News article, there are over currently 80 Bitcoin ATM’s throughout Metro Detroit.
It’s been well documented that of all age groups, millennials are the most skeptical when it comes to trusting traditional financial systems so the idea of crypto is attractive to them, with its main feature being that the big banks can’t control or manipulate it, as opposed to the common perception of what goes on behind the scenes of the stock markets and banking industry.
While the past 6 months has seen a massive drop in Bitcoin market cap (the total value of all Bitcoin) as well as a drop in all the other different crypto coins, the price of a Bitcoin is still trading at just under $3,000 at the time of this writing. Thus, if you had bought a Bitcoin in January of 2017 for $1000 you would still be up an incredible 200%!
With the stock market experiencing record highs as well as record lows, the attacks against Bitcoin for the past few years by critics saying it is “too volatile” seems rather hypocritical in an economic climate where the very value of the dollar and trading on the stock market seems every bit as volatile.
A common belief within the crypto community is that the media blitz against it by networks such as MSNBC, ABC, CNN, Fox, etc., and the animosity against it by politicians, and so many other ‘power players’ is that the very decentralized nature of Bitcoin’s blockchain renders them powerless to make secret back room deals off the back of the lower classes.
There is no benefit to politicians when it comes to Bitcoin because they have no way of manipulating Bitcoin and the blockchain; thus, when it comes to Crypto, lobbyists won’t grease the palms of Republicans and Democrats because there is nothing either side can gain.
These factors and more render crypto currency as rather sexy to the plethora of artists and musicians who have migrated to Detroit in recent years. The idea of a decentralized currency that young musicians and artists can use to conduct transactions, free from the over regulations of greedy politicians, is definitely one of the most exciting concepts of Millennial culture.
*Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies
*Stock photo from Unsplash.com