A recent survey conducted by Blockchain Capital points towards a trend in millennials’ growing preference towards cryptocurrency investments over traditional investment forms.
Specifically, the results show that 27% of millennials would prefer USD 1,000 in Bitcoin over USD 1,000 in stocks. It was not just stocks that millennials were moving away from, however; 22% would prefer the same sum of Bitcoin over real estate, and 30% would take Bitcoin over government bonds.
Perhaps an even more striking result from the survey was that 27% of millennials viewed Bitcoin as more trustworthy than big banks. What exactly the survey meant by “trustworthy” is not elaborated on, but it is suggested that they find the Bitcoin blockchain a more secure option.
As well as this, millennials have come of age in the wake of the 2008 financial crisis, largely blamed on the irresponsible trading practices of large banks and financial institutions. It is conceivable that the generation in question have become disenfranchised with these entities and are more inclined to find alternative practices.
Despite the dismissive approach to Bitcoin from mainstream politics and financial organizations, 52% of millennials do note share in their skepticism, with 52% citing the project as a positive financial innovation.
Finally, 42% of the age group believe most people will be using Bitcoin in the next ten years, so it is not surprising the 16% describe themselves as ”very likely” to buy Bitcoin in the next five years. Millenials have indicated that they view cryptocurrencies as a genuine investment opportunity as well as a trustworthy one.
Millennials across the globe
This survey took place in fall of 2017 and had over 2,000 American adults taking part. Similar studies conducted internationally have found trends much like that in the US.
A survey of young, working men in Japan found that 14% had cryptocurrency holdings, with 92% of those noting that they entered the market for investment purposes. In regards to their future plans with their holdings, 47.1% reported that they would like to actively invest in the market, with only 34% saying they did not intend to continue investing.
In South Korea, polls indicate that citizens in their 20s and 30s are familiar with cryptocurrencies and are willing to invest in them. Nearly a quarter of the millennials surveyed answered that they were willing to purchase some form of cryptocurrency.
Bitcoin’s popularity is on the rise and millennials appear to be a generation looking for alternatives to the financial institutions they no longer believe in. If younger generations continue to adopt cryptocurrency as a primary form of investment, this will likely increase the aggregate value of virtual currencies such as Bitcoin.