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ETH · 17w

Matt Luongo: How Millennials Are Shaping the Future of Money

Matt Luongo is the CEO of Thesis, a cryptocurrency venture production studio. Thesis’ first two products are Fold, a consumer payment app, and Keep, a privacy layer for public blockchains. He’s also a contributor to tBTC, which lets bitcoin holders access DeFi on Ethereum.

Millennials are now the largest generation in the U.S. workforce. As we increasingly drive the world’s major economic, technological and social trends, millennials are beginning to reshape industries from entertainment to travel. It’s no surprise: From careers to fashion to music, millennials (now aged 24 to 39) are remaking the world in our own image. 

A common thread in this millennial disruption is a desire for autonomy, self-sufficiency and personalization. Across the board, millennials are rejecting one-size-fits-all solutions in media, fashion, food and career choices. Studies show millennials are demanding a personalized, seamless experience from businesses and retailers. We expect personal treatment – and decision sharing – in our medical care, and we want the businesses and products we use to align with ideas and causes we support. Gone are the days of the company man; most millennials are happy to change jobs if they find an opportunity that offers room for personal growth. 

This desire for autonomy and granular choice extends into the world of finance. For most of the past hundred years, retail finance was dominated by a small number of regional, and later national, institutions. No more: 71% of millennials would change banks based on the quality of an app, and a full third of us say we won’t need a bank at all in the future. 

Instead, we are looking for new forms of finance that we can tailor to our individual needs. We want products that give us, rather than brokers and middlemen, the ultimate say in how we handle our money. With governments and entire economies buckling under the stress of a global pandemic, we are demanding even more self-sufficie...

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