Millennials have come under fire for everything lately, from their spending habits to their avocado enthusiasm. A new study revealed that millennials might soon be to blame for the death of fiat currency as well, as the generation is increasingly investing in cryptocurrencies. Over 50% of millennials felt optimistic about the future of cryptocurrencies and are twice as likely to invest than any other age group.
A new quiz conducted by Harris Poll questioned over 2,000 Americans, marking the largest survey pertaining to cryptocurrency to date. The survey revealed several noteworthy outlooks and opinions regarding cryptocurrencies, the most noticeable being the difference between the outlook of millennials when compared to their older counterparts.
The study confirmed that millennials are twice as likely to own Bitcoin than any other age group, with 4% of millennials surveyed currently owning Bitcoin, as compared to only 2% of participants in other age groups. While a third of millennials generation survey participants intended to invest in Bitcoin within the next five years, only 19% of older age groups voiced the same intention.
According to the managing director of Blockchain Capital, Spencer Boggart, millennials ’ enthusiasm regarding Bitcoin indicates a bright future for the cryptocurrency.
However, Bitcoin still has some obstacles to overcome before it becomes more desirable than tangible assets and fiat currency. In the survey, 30% of millennials confirmed that they’d prefer to own $1,000 worth of Bitcoin over $1,000 worth of government bonds. However, this figure fell to between 19% and 27% when asked the same comparative question between Bitcoin and either stock, real estate, or gold.
Unsurprisingly, the survey indicated a huge gap in mindset between millennials and older generations. While 16% of millennials stated that they would buy Bitcoin within the next five years, only 2% of individuals over the age of 45 confirmed the same. This figure dropped to 0% when it came to participants aged 65 and older.
Notably, participants over the age of 65 were less inclined to think of Bitcoin as a positive innovation. This generation firmly stated their belief in traditional financial institutions. Approximately 92% of individuals over the age of 65 stated that they trusted traditional financial institutions over Bitcoin, whereas only 73% of millennials claimed the same. Notably, 27% of males aged 35 and younger trusted Bitcoin more than financial institutions.
During the survey, there was a noticeable change in how the two different sexes viewed Bitcoin. Bitcoin is a somewhat male-dominated industry. According to Google Analytics, only 4% of Bitcoin holders are female. The survey confirmed that males twice as likely to either own or intend to own Bitcoin than females. In addition, men had a much more optimistic view regarding Bitcoin.
While one cannot make predictions on the future of the cryptocurrency solely based on survey findings, experts have suggested that millennials likely feel more comfortable in this brave new world as they grew up with technology and are more familiar with it.