In recent years, the CBD and crypto markets have generated more transactions than many of the top growing consumer segments. This could be a simple coincidence, or perhaps it goes further.
The rise in marijuana consumption (on a countable scale) is increasing whether it’s for recreational, raw material, or medicinal purposes. This could be due to a handful of reasons. But, whether simply decriminalizing the consumption or possession of marijuana to full-blown legalization, getting marijuana products across the united states is not hard.
This is a massive leap from decades before when marijuana consumption was a criminal act. Despite the variety in personal moral grounds on the subject, it’s simply that what is being seen with the marijuana industry is revolutionary. From its proven medicinal properties to its agricultural demand for raw materials to recreational popularity, it’s become a significant crop in the USA. With the industry on the rise, CBD (marijuana bred without the psychoactive chemical THC, with calming and medicinal properties) is one of the most popular marijuana products in the USA.
The Generational Shift
But why now? Well, the short answer is millennials. People roughly in the age range of 25 to 45 are the number one consumers of marijuana products. This is due primarily to the evolution of general legalization and decriminalization of marijuana during the formative years of the millennial generation. In addition, the millennial generation is currently the most extensive working force by the laws of nature. And if millennials are making money now, it also means they are spending it – and they are spending it on CBD.
So, what does this have to do with crypto? Quite a lot! It’s interesting to observe the similarities in the demographics of both industries’ consumers. According to ForumPay’s crypto spending report, over 75% of all crypto consumers are millennials.
Much like the marijuana industry, the rise in crypto took place in the formative years of the millennial generation. As the current new working population is made up mainly of millennials, it’s no surprise they are interested in the crypto market. And yes, the crypto market is volatile, as is any market. Still, a few other key factors come into play when it comes to the patterns of those investing in cryptocurrencies, and it has a lot to do with personal and familiar risk analysis. Although it may seem farfetched, the fact that many millennials are settling down and reproducing at lower and later rates than ever before plays a significant role in the faith in risk-tolerant investments. With less damaging repercussions if all goes bad, people are more likely to participate in market investments, and that’s what we are seeing.
If two of the top growing consumer markets are appealing to the same generational demographic of people, it’s a good time for the CBD and crypto industries to collide. Without jumping into the predicted rise in crypto popularity on the horizon (despite current economic situations), there is considerable potential for both sectors to amplify each other in the coming years. While many millennials invest in crypto for passive income or to hedge against inflation, there is a massive demand for crypto payments worldwide. And if the same people demanding crypto payments are also increasing the demand for CBD and other marijuana products… well, you do the math!
To learn more about crypto payments and how to start accepting crypto, visit www.forumpay.com today!