Crypto nomads thrive in the biome of decentralised finance, an alternative financial ecosystem that circumvents established institutions' constraints.

A nomad is a person who is homeless and frequently moves from one location to another. Due to the fact that they have no set location, they are open to exploring territories within their reach, which enables them to earn money. These nomadic herds are in stark contrast to the average person, whose primary goal is to establish a permanent home and expand their occupation and family - a concept despised by millennials.

The millennial generation despises living at a snail's pace and settling in one area; they seek adventure and exposure through travel. As a result of their desire for a fast-paced lifestyle, their perspective on assets/investment has shifted as well. To them, digital assets appear to be far more profitable than physical assets like land and houses. Doesn't that seem like migratory behaviour, but in a contemporary setting!

"The cryptocurrency market has a strong resemblance to the early Internet days in the mid-1990s. So much to develop and so early in the game, and so much potential to disrupt technical and traditional sectors and improve people's lives," says Surojit Chatterjee, chief product officer of Coinbase, a bitcoin exchange site.

Who isn't enthused about the prospect of tapping into a worldwide pool of capital?

Shortly after blockchain technology and cryptocurrencies (Ethereum and Bitcoin) were introduced to the market, trading and crypto exchanges commenced.

Contrary to established stock markets and commodity exchanges, these exchanges were unregulated. While there were fewer entry-exit obstacles, they were extremely dynamic. With increasing trading volumes, it became clear that cryptocurrency will break down worldwide restrictions. It would not be inaccurate to assert that the ease with which cryptocurrencies provide access to global markets has led in the emergence of 'crypto nomads.'

A crypto nomad is a person who prefers money that has no borders. They fall into two distinct types. The first group consists of individuals who are knowledgeable about cryptocurrency trading but are unable to trade in their own country owing to regulatory pressures or restrictions. These individuals establish offices in crypto-friendly countries (other than their own) and conduct business from there.

Sam Bankman-Fried, the youngest cryptocurrency billionaire at the age of 29, is a graduate of the Massachusetts Institute of Technology (MIT). He founded FTX, a cryptocurrency trading platform, in Hong Kong. He left the United States because regulators barred FTX from trading futures to the general public due to their high risk.

Bankman-Fried desired to continue trading derivatives, and as a result, he relocated his headquarters from California to Hong Kong. Changpeng Zhao, Binance's Chinese-Canadian founder who is now based in Singapore, is also included in this group.

The second group of persons are those that utilise crypto as a means of exchange in order to travel and live abroad. Rather of creating bank accounts in each country, cryptocurrency trading provides a comparable level of liquidity that may be utilised for worldwide travel and living. They may need to make investments in SIM cards in each country to facilitate trading.

According to Abhishek Bhattacharya, co-founder of blockchain firm Whrrl, "Crypto Nomads is a self-sustaining model in which anyone may earn or own bitcoin and utilise it for their own purposes." The business strategy is straightforward: earn cryptocurrency and pay with cryptocurrency."

Rather than routing funds through a bank and suffering transaction fees, it is more convenient to hold crypto. Bhattacharya believes that when more e-commerce websites begin to accept cryptocurrency, the opportunity to use it as a medium of trade will expand.

We are witnessing a world that is markedly different post-COVID-19. Remote working has becoming the new norm. As a result of this growth, millennials and Generation Z are willing to accept remote-work assignments and are open to global investment opportunities.

While COVID-19 imposed travel restrictions, if abolished, the number of crypto nomads is expected to expand. According to Bhattacharya, changing employment landscapes will help them grow.

While bitcoin has not been granted legal tender status, their acceptance as a digital asset in certain nations, such as Estonia, makes them a popular medium of exchange.

Crypto nomads thrive in the biome of decentralised finance, an alternative finance ecosystem that bypasses traditional financial institutions' constraints. Given how well this fits with millennials' fast-paced mindsets, this could be the future of international commerce.

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