Back in 2021, Wyatt Johnson was constantly refreshing his Coinbase app, caught up in the crypto craze that had taken over his group of friends. Convinced they were witnessing a financial revolution, he invested $5,000 into Solana, a rising cryptocurrency at the time. But instead of profits, his investment quickly lost half its value.

Now 22 and living in Hustisford, Wisconsin, Johnson hasn’t put any more money into crypto. Still, he keeps up with the news and wouldn’t say no to receiving some digital currency as a holiday gift. “Money is being democratized like never before,” he says. “Things are changing fast, and it’s important for our generation to pay attention.”

As the holiday season approaches, some younger Americans — especially Gen Z — are open to receiving cryptocurrency like Bitcoin or Ethereum as gifts. But while some see it as an exciting and futuristic present, others compare it to getting a lottery ticket — fun but risky.

Crypto isn’t topping holiday wish lists this year, but companies and crypto platforms are still promoting it as a unique gift idea. The real question is: do young people actually want crypto gifts, especially with the economy in flux?

There seems to be a split. Gen Z adults in their early 20s who have tried investing tend to be cautious. They might accept crypto as a gift but would rather receive help with rent, contributions to savings, or investments in more stable assets like real estate or stocks. Johnson himself would prefer funding for his AI startup over more crypto.

On the other hand, teens and Gen Z newcomers to investing are often more enthusiastic about crypto gifts. They haven’t felt the full sting of market volatility yet and are more likely to see digital assets as exciting opportunities. According to a recent Visa report, around 45% of Gen Z would be excited to receive crypto this holiday season.

Younger generations aren’t as afraid of financial ups and downs. What worries them more is missing out or staying stuck financially. Traditional paths to wealth — like buying a home — can feel out of reach for many young people. Meanwhile, Bitcoin feels more accessible and potentially rewarding.

Crypto also has cultural pull. Gen Z grew up watching Bitcoin and Ethereum rise through viral social media posts. Even after several downturns, many young investors see the ups and downs of crypto as normal.

For some young adults, getting a small amount of crypto can be an entry point into investing. A study by FINRA and the CFA Institute found that many Gen Z investors start with crypto or NFTs (non-fungible tokens). In fact, about 20% of them only hold digital assets, unlike older generations who invest mostly in mutual funds.

But this interest comes at a tricky time for the crypto market.

Just last year, Bitcoin had soared past $100,000. Some even predicted it could reach $250,000 by year-end after a pro-crypto president was elected. Those dreams didn’t pan out. By late November, Bitcoin had dropped to about $81,000 — down nearly 35% from its October peak of $126,000. It has since rebounded to around $95,000 as of December 9. Ethereum and other coins have also taken big hits.

These swings aren’t just about crypto itself. Larger economic issues — like interest rates and global trade policies — are playing a role too. With Gen Z facing job struggles and delaying major life steps due to money concerns, many prefer safe and steady investments over risky ones.

Still, some Gen Z investors see the downturn as a chance to buy low. Financial analysts say that’s fine — as long as crypto is only a small part of a larger, diversified portfolio.

Russell Kai, a finance student in Vancouver, started investing two years ago when a friend encouraged him to buy his first stock. He views crypto as too unstable for serious investing. While he wouldn’t mind receiving it as a gift this year, he’d likely sell it fast and put the money into the stocks he tracks regularly.

Clay Lute, 24, lives in New York City and works in fashion retail. He’s open to receiving crypto for the holidays but says it’s not something he’d specifically ask for. He believes Bitcoin will bounce back eventually but doesn’t think there’s room for hundreds of cryptocurrencies to succeed long-term.

“If I could build my perfect gift list,” Lute says, “I’d rather get an investment in my Roth IRA than gamble on crypto.”