Survey shows Millennials very closed to Bitcoin

7 years ago - Published in Finance, Fintech Land, Technical Analysis

Millennials often get the blame for ruining traditions and the established order of things, but they may well be on the right path when it comes investing, but now a survey shows they might be responsible for keeping the rally in bitcoin alive. 

A survey by venture capital firm Blockchain Capital found that about 30 per cent of those in the 18-to-34 age range would rather own $1,000 worth of Bitcoin than $1,000 of government bonds or stocks. The study of more than 2,000 people found that 42 per cent of millennials are at least somewhat familiar with bitcoin, compared with 15 per cent among those ages 65 and up. 

The interest and trust in Bitcoin is far less is the elder generation, the generation who have been brought up in stocks and bonds, however, even that is slowly changing.
Of course, for millennials, the mainstream is not cool, and that could well be another reason why Bitcoin is so popular among the age group. While it may seem to those in the ecosystem that Bitcoin is mainstream, it still has a long way to go.

The survey also found that while millennials are definitely open to the idea of Bitcoin, and seem convinced about its worth, they are still unsure of its reliability, suggesting that cryptocurrencies still have plenty of trust-building to do. 48% of the millennials in the survey agreed that Bitcoin is “a positive innovation in financial technology” – however, only 27% agreed that Bitcoin was more trustworthy than traditional big-name banks such as JPMorgan and Goldman Sachs.

Another survey showed that just two percent of Americans actually own Bitcoin, but there are factors afoot that are stretching that.

Wall Street is entering the waters, and getting more than just their feet wet as things like ETFs and futures start looking like a reality.
Bitcoin rose more than 6 per cent Wednesday to as much as $7,545, helping to push the value of the total cryptocurrency market above $200 billion for the first time, according to CoinMarketcap. 

Despite its volatility, Bitcoin has gone from strength to strength this year. The cryptocurrency has seen an increase of more than 700% in price since the start of 2017, and its market cap has exceeded $200 billion, which might explain millennials’ growing interest.