The ‘YOLO economy’ kicks off as generation lockdown turns to crypto for financial freedom

Fed up with lockdown life, under-employed or overworked, many people are ditching their old routines and risking it all to pursue what is really important to them. Pundits have dubbed this movement of fulfilment-seeking workers and their money the ‘YOLO economy’. Cryptocurrency, now able to bring its promise of financial freedom to the masses via user-friendly FinTech apps, is a defining aspect of this new economic trend.

New ways to work, new ways to build wealth

The basic premise of the YOLO, or ‘you only live once’, economy is that the old ways of working just aren’t cutting it anymore. Low-income workers have been laid off and are struggling against inefficient government relief and a shrinking job market. Although labelled ‘essential’ and heaped with praise, others workers aren’t seeing that gratitude being translated into material security even as they risk their health to keep the economy going. Then there are the luckier ones: the tech workers, marketers and administrators. They found themselves getting used to working from home, with more control over their time and privacy. They hear the call to return to uncomfortable suits, cubicles, and commutes, dig their heels into their living carpet and say, “No!” The rollout of vaccinations and increasing anticipation of a return to ‘normal’ has many considering the lessons learned in lockdown and whether they truly want to go back to the way things were before.

Not everyone has had the savings, support or opportunities to turn the 2020 upheaval into a bliss-seeking adventure. Many are still trying to stay afloat. But anyone in a position to think about where to put their next investment is likely to have a very different mindset than the pre-pandemic paradigm. Seeking a new way of making money, they’re turning to online crypto exchanges, which are making the investment into blockchain technology easier than ever. 
StormGain, a cryptocurrency platform popular with new traders, reported a dramatic uptick in new clients in 2021. One thing that makes StormGain particularly attractive to crypto beginners is that the app features a comprehensive suite of educational materials that explains the different types of cryptocurrency and all the ins and outs of trading that make it easy for the layperson to understand.

“We’re seeing some real growth in interest these recent months,” said StormGain CEO Alex Althausen. “Part of this is the popularity of crypto since value is going up across the crypto space, and people want to make that money for themselves. But newcomers are choosing us because they are ready for a big change in this so-called YOLO economy, and we are the ones that offer not only the tools for trading but also all the information they need to prepare themselves and start trading crypto with confidence”.

YOLO and crypto

Considering the optimism, individualism and innovation of the YOLO economy, it’s actually no surprise that it coincides with a boom in cryptocurrency, both in terms of value and adoption. The exposure of the economy’s fragility went hand in hand with an indictment of the traditional financial system — one that felt like the last straw for those who came of age around the 2008 financial crash and the Occupy Wall Street movement. Fast-forward to 2021, non-traditional finance has come into its own. Bitcoin (BTC) has hit dizzying heights of $60K+ value amid fears of the devaluation of the dollar and other fiat currencies. Part of this is due to large-scale investment from established financial giants. But the YOLO economy isn’t about JP Morgan, Goldman Sachs or Citibank. In fact, it’s not even really about Bitcoin.

Bitcoin may be a household name now, but it’s the alternative cryptocurrencies, or altcoins, that are the real stars of the YOLO economy. Bitcoin’s boom was met with cheers by longtime crypto holders, but for most retail investors and ordinary people dipping into cryptocurrency as an extra money-maker, it’s all about altcoins. The number two cryptocurrency, Ethereum (ETH), is soaring to new all-time highs, and other altcoins are falling suit. Litecoin (LTC), Ripple (XRP), Monero (XMR), Pancakeswap (CAKE), Chainlink (LINK) and many more are enjoying their heyday. Bitcoin may have priced itself out of the range of many ordinary people, but YOLO investors aren’t just looking at the ‘mainstream’ cryptocurrency.

To offer the best range of affordable altcoins for this new wave of investors, StormGain recently debuted a series of new altcoins on the platform, totalling 50 different crypto instruments to trade, in addition to 3 indices, or packages of different coins to offer risk management. This makes it easier for the new investors who decided to go YOLO to choose from the most promising Bitcoin alternatives and build a diverse portfolio quickly.

The tools of the trade

The proliferation of platforms is key to the YOLO economy. Crypto thumbs its nose at banks and borders and puts the power in the hand of the individual. Specialised crypto brokers have become faster, slicker and more user-friendly. They boast better bonuses and innovations as they expand to attract new users. Higher leverage rates tempt the daring while crypto indices have been introduced for risk-averse investors. Other gimmicks make it easier to earn crypto without buying it outright.

StormGain, for example, although it already boasts low fees and high leverage, also debuted a built-in Bitcoin cloud miner so that users can also earn the big BTC even while trading more affordable altcoins. StormGain’s cloud miner is unique and impressively works without using any resources from the user’s device. If you’re interested in trying this novel approach to mining Bitcoin, register with StormGain. 

Crypto brokers like StormGain are what really powers the YOLO economy. Because they put access to the crypto market on our smartphones and computers, it becomes simplicity itself to take the first steps towards becoming financially independent while we swipe and click and stay at home, planning for our big break in a post-pandemic world. Sure, pursuing such ambitions may involve some risk, but why not shoot for the moon like Elon Musk? Everything is changing, anything is possible, and You Only Live Once!