- A Georgian man woke up to find out that he became a trillionaire overnight in one of the most bizarre crypto happenings.
- Chris Williamson’s $20 investment in Rocket Bunny ballooned to over $1 trillion in what appears to be a glitch in the system.
- In analyzing the trends of crypto purchases, Millennials and Gen Z constitute the bulk of cryptocurrency buyers.
- However, Gen X outspends Gen Z, Millennials, and Boomers with average spending being $9,611.
A bizarre incident has created a cryptocurrency trillionaire in Georgia, USA. Chris Williamson’s investment in a cryptocurrency called Rocket Bunny yielded astronomical returns that left him in utter disbelief. A $20 investment had spawned over a trillion dollars overnight in what seems to be a glitch in his Coinbase wallet.
In other news, the pattern of Gen Z in investing represents a significant shift from the traditional methods to cryptos, NFTs, and DeFi. Despite the massive waves of Gen Z investors, they are still outspent by Gen X in crypto investments.
The Bunny Makes a Trillionaire
The likelihood of waking up a trillionaire is almost impossible. Yet, for a Georgian man, his wildest dream became a reality after his investment in a cryptocurrency made him a trillionaire overnight. Chris Williamson sunk $20 on Rocket Bunny and like its name, it sent his net worth to the moon like a rocket on Tuesday morning.
Williamson revealed that he has been dabbling with cryptocurrencies for quite some time and got the shock of his life when the crypto in his Coinbase wallet soared to over $1 trillion.
Williamson tried to transfer the amount to another wallet but it did not reflect the same price as his Coinbase wallet. He reached out to Coinbase and they acknowledged that they were looking into the issue.
The incident was probably due to a glitch but the amount has steadily been on the rise. Finding humour in the situation, Williamson revealed that he is willing to settle with Coinbase for 5 cents on the dollar. He also added that he will be “ticked off” if he is not invited to the Coinbase Christmas party this year.
At the moment, his account has been frozen while the glitch is being fixed, precluding him from making withdrawals or purchases.
Gen Z Embraces Cryptocurrencies
As Gen Z comes of age, they are bucking the trend when it comes to investing. This generation is made up of individuals born after 1997 who are ditching traditional investment methods for digital assets like cryptocurrencies, NFTs, and DeFi products.
The mass adoption of cryptocurrencies among Gen Z is mind-blowing as the CNBC Millionaire Survey has indicated that almost 50% of Gen Z and young millennials have at least a quarter of their wealth in cryptocurrencies.’
A major reason for the shift in investment choices from the older generation is as a result of the distrust that young persons have for traditional investment houses. Another reason is the understanding of the underlying technology of cryptocurrencies and the vibrant communities around them.
On the Flipside
- Australia’s richest families are stocking up on cryptocurrencies as they look to diversify their portfolios.
- DigitalX, which helps family offices buy up digital assets, have stated that the demand for crypto is growing as both a hedge against inflation as well as a growth asset.
- Boomers are breaking away from the norm to invest in the novel area of cryptocurrencies.
Gen X Outshines Millennials
It is an indisputable fact that Gen Z and millennials are the demographic that make up the bulk of cryptocurrency purchases, making up 94% while Gen X and Boomers only account for 6%.
However, in terms of purchasing power, Gen X outspends both Gen Z and millennials with an average spend of $9,611.
The average spending on cryptocurrencies among Millennials and Gen Z are $8,596 and $6,120 respectively. Boomers are the least represented demographic with only $4,567 in average spend and barely make 1 % of crypto users.