Millennials: 27% of Generation Y prefer Bitcoin to traditional stocks
A recent survey by Blockchain Capital pointed to a trend: More and more millennials are choosing to invest in crypto-currencies instead of traditional mutual funds.
In particular, the results showed that 27% of Millennials would prefer to invest USD 1000 in Bitcoins rather than equities. But the Millennials have not only turned away from stocks. 22% would prefer to invest the same amount in Bitcoin and not in real estate assets, while 30% would prefer Bitcoin government bonds.
An even more astonishing result of the survey was that 27% of Millennials even consider Bitcoin more trustworthy than traditional big banks. It is not clear exactly what the survey means by “trustworthy”, but it can be assumed that respondents consider the Bitcoin block chain as the more secure option.
In addition, the Millennium Years came of age at the start of the 2008 financial crisis and largely blames the irresponsible trading practices of the big banks and financial institutions. It is understandable that this generation in question has denied these entities their justification and tends to look for alternatives.
In view of the rejection of Bitcoin by established politicians and financial organisations, it was found that 52% of the millennium do not share this scepticism. Again 52% of them describe the project as a positive financial innovation.
Finally, 42% of the age group believe that the majority will use Bitcoin in the next ten years, so it is not surprising that 16% say of themselves that it is “very likely” that they will purchase Bitcoins over the next five years. The Millennials stated that they consider the crypto currency to be a true and also trustworthy investment opportunity.
This survey was conducted in the fall of 2017 with over 2000 American adult participants. Similar studies conducted internationally have also identified trends that are very similar to those in the USA.
A survey of young, working men in Japan found that 14% of them had crypto-currency holdings, 92% of whom said they had turned to the market for investment purposes. Regarding their future plans with their holdings, 47.1% reported that they wanted to actively invest in the market. Just 34% said that they did not intend to make further investments.
In South Korea, surveys showed that citizens aged 20-30 years are familiar with crypto-currencies and also want to invest in them. Nearly a quarter of the millennials surveyed said that they would like to buy some form of crypto currency.
The popularity of Bitcoin is growing and the Millennials seem to be a generation looking for alternatives to financial institutions in which they have lost faith. If younger generations continue to see crypto-currencies as their primary form of investment, this is likely to increase the overall value of virtual currencies like Bitcoin.