I. Institutional Environment: A Comprehensive Social Security System Reduces Risk Demand
Robust Unemployment Security Mechanism
In countries such as Europe, Japan, and Canada, unemployment insurance, housing subsidies, and minimum living security systems are relatively sound, ensuring that the middle class can maintain a basic standard of living even when facing economic difficulties. The unemployed can achieve stable transitions through government-provided relief funds and vocational retraining programs, without having to rely on high-risk investments in the cryptocurrency market.
Lower Burdens of Healthcare and Education
These countries generally implement a universal healthcare system, with basic medical services being free or low-cost; higher education also enjoys substantial government subsidies, resulting in lower tuition pressure. Young people do not have to bear heavy economic burdens for healthcare or education, thus lacking a strong motivation to pursue short-term wealth through cryptocurrency.
II. Cultural Psychology: Stability First, Risk Aversion as the Main Focus
Social Concept: High-Risk Investments Belong to Professional Fields
Western mainstream culture advocates for a stable lifestyle, viewing high-risk investments such as cryptocurrency trading as the domain of professional financial institutions or a few risk-takers. The general public tends to accumulate wealth through traditional savings, real estate investments, or stable careers, rather than venturing into the volatile cryptocurrency market.
Attitude Towards Life: Emphasis on the Present and Long-Term Planning
Western young people tend to pursue quality of life, such as travel, leisure, or personal interest development, rather than investing their energy in high-pressure, high-risk speculative activities. In the face of market fluctuations, they are more likely to choose rational avoidance rather than risk chasing short-term gains.
III. Comparison with Domestic: Driven by Social Pressure and Survival Anxiety
Limited Pathways for Social Mobility
In the domestic context, the opportunities for wealth accumulation through real estate and the stock market have significantly decreased over the past two decades, with new pathways for social ascent becoming increasingly narrow. Intense competition in the college entrance examination and workplace involution means that even entering quality enterprises, individuals over 35 still face the risk of layoffs. As a result, cryptocurrency has become a 'shortcut' for some young people pursuing rapid wealth accumulation, despite its high risks.
Inadequate Social Security Intensifies Anxiety
The domestic social security system is relatively limited, lacking effective economic support after unemployment, and there is a significant gap between the reimbursement ratio for medical expenses and actual expenditures. The pressure of survival forces many to view cryptocurrency as a potential opportunity to change their fate, even knowing the probability of success is slim.
Differences in Investment Culture
In the West, cryptocurrency is regarded as a niche alternative investment, with participants often guided by interest or long-term investment; in China, cryptocurrency is often imbued with symbolic significance of 'social mobility,' becoming the last hope for some to combat economic pressure. The activity of Chinese investors in the cryptocurrency field far exceeds that in the West, reflecting a stronger survival motivation and willingness to bear risks.
Conclusion
Western young people show lower enthusiasm for cryptocurrency investments due to a well-developed welfare system, stable cultural concepts, and lower social pressure, viewing it more as an interest rather than a necessity. In contrast, domestic young people tend to see cryptocurrency as a high-risk gamble to change their fate due to social stratification, survival anxiety, and limited social security. The differences in institutions and culture profoundly shape their differing attitudes and behaviors in the cryptocurrency market.