Pandemic changed way wealthy millennials view wealth - Wealth no longer means the same to wealthy millennials.

COVID 19 has caused rich people to alter their lifestyle and reorder their priorities, changing the way they perceive wealth, according to a report by Boston Private. This one, titled Why of Wealth, surveyed individuals with at least a million dollars in assets.

Millennials who turn 25 to 40 years this 2021 are those who have changed the perception they have about money. More than three quarters-89% specifically-of respondents said the pandemic has changed the way they perceive wealth and their emotions about it.

Both Generation X and generation Z have felt in a similar way. However, this contrasts with the baby boomers and the silent generation, in which less than 24% of people said the pandemic changed their conception of wealth. Something that the report attributes to their age, as these people have already experienced significant cultural milestones, and have a more settled mindset about it.

Pandemic changed way wealthy millennials view wealth

Millennials associate wealth with success and happiness, while baby boomers and the silent generation are more likely to see wealth as a pathway to peace of mind and independence. "For these younger generations, wealth is a key factor in creating a comfortable and happy life, and it is directly related to achieving important goals, having a good family life and being a positive contributor to the community and society," the report says.

Older generations feel less able to use their wealth to enjoy life as much as they would like at the moment, according to the report, while younger generations are possibly using their money to enjoy life more than they think they should.

Pandemic changed way wealthy millennials view wealth

The pandemic has not only affected the perception of wealth, but also the goals of millennials, as 78% of respondents said this situation has changed the way they planned to use their money in the future, compared to 26% of baby boomers who shared this opinion.

Savings have increased across the board during the pandemic, and U.S. household net worth hit a record in the fourth quarter. Many upper-class Americans were able to save their excess cash, saving up to $ 3,000 a month. Others have chosen to increase their retirement savings or readjust their financial plans.

However, it will have to be seen whether this change is temporary or permanent.

Pandemic changed way wealthy millennials view wealth

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6 large companies and 2 NGOs that allow you to pay with bitcoin and other cryptocurrencies

This item may lose validity very quickly. It will all depend on whether bitcoin's fall continues or whether it manages to recover. If the news continues to be that bitcoin plummets, many of these companies that allow paying with bitcoin are likely to stop doing so.

In fact, in some such as Tesla, the period of accepting bitcoin as a means of payment has lasted very little. Only 50 days, until Elon Musk announced that they would stop. That, coupled with the announcement that China bans bitcoin, are the two main reasons that seem to be causing its collapse. But there are still large companies that support cryptocurrencies. These are 6 of them.

BBVA

On December 9, 2020, BBVA announced that they were beginning to deploy the evidence of what would be “their first commercial service of purchase-sale and custody of digital assets”. The new service, which will be offered through BBVA Suiza in 2021 “ "will allow to manage transactions in bitcoins and have deposits with this cryptocurrency," they explained.

Mastercard

A few days ago, on May 18, 2021, Criptan, the Spanish cryptocurrency trading platform, launched CriptanCard, a card that allows you to pay with cryptocurrencies in any physical and online establishment in the world that accepts Mastercard. This card, they pointed out, will enable those Crypto users who have cryptocurrencies in their account, to use them to make purchases, where and when they want, in addition to withdrawing money from any atm globally.

Paypal

Checkout with Crypto, this is the service through which PayPal allows you to pay with bitcoin, litecoin, ethereum or bitcoin cash. PayPal President and CEO Dan Schulman made the first cryptocurrency purchase from PayPal.

Starbucks

Several media announced, last April 2021, that you could already pay in Starbucks with bitcoin through the digital wallet Bakkt. It started testing with some users and the goal is to extend it to more than 30,000 Starbucks around the world.

Norwegian

Norwegian Block Exchange was created by Norwegian airline founder Bjørn Kjos. Initially, they explain on the company's website, it was just a spin-off of Norwegian Air Shuttle to introduce cryptocurrency payments into the airline industry. But it has gone further and has become a system of payment, maintenance and custody of digital currencies. The goal, they point out, is to become a large financial services center within the cryptocurrency market.

Destinia

Also on the Destinia travel page allow you to pay with bitcoin. Even with milibitcoin(one thousandth of bitcoin). On their website they indicate that, if the payment of the products is made online by Destina.com, they can be purchased in bitcoins: “Excluded are cruises, car rental, some hotels that only accept payment at reception and some flights where the airline only accepts payment by credit card"”

Greenpeace stops accepting bitcoin due to its high energy consumption

Since 2014, Greenpeace accepted donations in bitcoin. But he has just announced (on May 20, 2021) that he will stop doing so. The reason, as they point out in ihodl, is the high energy consumption of the cryptocurrency. That is, its, theoretically, poor sustainability. Same argument Elon Musk gave.

In this regard, a recent study by Galaxy Digital, the cryptocurrency firm of Mike Novogratz, one of the early proponents of bitcoin, concluded that bitcoin mining consumes half as much energy as the traditional banking system and also far less than gold mining.

The one that still allows paying with bitcoin, at least, for the moment, is Save the Children. Since 2013 they accept donations in cryptocurrencies, and not only from the main one, but from many more, such as ethereum, dogecoin or bitcoin cash.