In a survey that was officially commissioned by eToro – the global investment platform, indicates an encouraging and fruitful future for Bitcoin as massive Millennials have a preference of crypto to fiat financial markets. However, high barriers are stopping millennials from making bullish investments.
The thing that has remained unchanged for a couple of years is that the young people are by far willing and able to embrace new significant things. This case that be observed in music and particularly in technology.
As pessimists go on to rain FUD on Bitcoin – the flagship crypto, and other digital currencies, it seems that younger generations are highly going to embrace cryptocurrencies, which promises perfectly for massive adoption in the forthcoming days. eToro tolerates this out.
The investment platform commissioned Provoke Insights to conduct a survey of 1,000 online cryptocurrency investors. Their data indicate similar findings to other survey carried out in the past time.
The survey discovered that around 43% of Millennial online investors trust cryptocurrency exchanges more than the traditional stock market.
On crypto versus stock market, an overwhelming 2/3 of the Millennial cryptocurrency traders have a lot of faith in digital currency. By comparison, 77% of Generation X traders believe in the stock market than crypto exchanges.
While giving his own generational viewpoint, Guy Hirsch, managing director of eToro, said:
“We’re seeing the beginning of a generational shift in trust from traditional stock exchanges to crypto exchanges. At the heart of this change are the asset classes themselves. Younger investors’ experience with the stock market has seen a great deal of loss of trust, with the fall of Lehman Brothers because of irresponsible practices followed by the worst recession since the Great Depression.”
Varying outlooks and life-priorities make cryptocurrency a more “perfect fit” for all those people born between the early 1980s & late 1990s.
Similarly, the data by Self Lender, a credit platform, reveals that out of 1,500 American investors who participated in the survey, only 2% own crypto, but almost 7.8% noted they would invest in digital currencies on top of other valuable assets. As you would have thought, younger investors were more probably to respond positively, with over 10% in the 18-25 age bracket replying cryptocurrency was their first preferred kind of investment.
“We believe in the wisdom of the crowd and spend a lot of time on social networks,” summarized Mati Greenspan, a senior market analyst at eToro. “This advancement in technology is increasingly shaping the way we interact with one another in our daily lives.”
Blockchain network is supposed to be “trustless,” but believe it or not, trust plays a big and significant role.
The CEO of Swiss Crypto Tokens, Armin Schmid, largely thinks that Millennials perhaps value trust too much than their ancestors did. He said:
“As a generation that witnessed the consequences of the 2008 financial crisis, millennials understand the necessity of trust in robust financial institutions.”
Furthermore, according to last year’s YouGov Omnibus study, around 80% of Americans were cognizant of cryptocurrency especially Bitcoin, as reported by Coinidol. However, in another market study carried out by Harris Insight, an analytics company, found that around 41% of Americans are not willing to invest in crypto.