Skip the Check — Send Crypto for Your Grandkid’s Next Birthday
Millennials are leading the cryptocurrency revolution. And grandparents who want to win their hearts may find the way to do it is through their children’s digital wallets.
A recent Wells Fargo survey showed that 45% of teens think they know more about crypto than their parents do — with 50% of parents agreeing that their teens’ knowledge of Bitcoin, specifically, exceeded their own. Combine crypto-savvy teens with that generation’s migration toward digital banks and the time is ripe for grandparents to shift their gift-giving strategy to promote investing, rather than spending.
In a study from financial services company Step, teens eschewed traditional banks, seeking options that were “built for teens” and “fee-free.” For many, that means digital savings accounts as well as investment apps.
Here are a few good reasons why you should send crypto for your grandkid’s next birthday — or even an upcoming graduation celebration, back-to-school gift or other occasion that could warrant a check.
You’ll Emphasize the Importance of Investing
Even if you were late to the investment game, you’ll show your grandchild you support their efforts if you give them a gift that could increase in value over time. Whether the recipient already owns stock shares/crypto or is just cryptocurious, your gift can offer a jump-start or leg up.
Your Teen Will Get More Value From Your Money
Cash is losing value quickly with inflation rates at a 13-year high. You wouldn’t want your gift to lose value before the recipient even has a chance to cash the check. If your teen is smart and savvy about their investment, they are almost certain to see reputable cryptos such as Ethereum and Bitcoin continue to rise in value.
When you’re tracking investments, it’s important to look at long-term trends instead of peaks and dips based on short-term market conditions. Since October 2013, Bitcoin has increased in value from $196.02 for one coin up to $34,213 per coin today.
Crypto Is Convenient
Many teens don’t have bank accounts, which leaves it on their parents to cash the check and give them the funds. Empower teens with the added convenience of crypto delivered directly into their digital wallet.
Your Teen Can Convert the Crypto to Cash if Desired or Use It To Make a Purchase
Today, more companies than you might think accept Bitcoin as payment, including Etsy, Starbucks, and online electronics company Newegg. Many smaller companies and performing artists also accept crypto. You can also deposit Bitcoin into the payment platform PayPal and use it to make purchases that way.
Find Out: 10 Major Companies That Accept Bitcoin
Of course, your grandkid can always trade the crypto for cash to make a purchase anywhere — or shift their investment to their favorite stock.
How To Give Crypto as a Gift
Once you’ve recognized the benefits and incredible convenience of gifting crypto, you may wonder how to do it. Most crypto trading platforms make it easy to give as a gift. You may want to find out what platform the recipient uses if they already trade crypto or have a digital wallet. Coinbase is one of the most popular, but there are several others that are equally reliable and trustworthy.
Once you’ve set up an account, simply transfer the crypto via the app to the gift recipient. You will need their email address or their public Bitcoin address to make the transfer.
If you like the idea of having a paper gift to present, you can obtain a “paper wallet” and print it. That wallet will contain a key or QR code for your grandchild to access their present and transfer it to their own account.
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Last updated: June 29, 2021