A survey revealed that one out of every four millennials would rather invest their hard-earned money in bitcoin than in any other traditional banking schemes. In fact, 24.5% of the 10,000 millennials who participated in the survey favored $1,000 worth of bitcoin over any other forms of financial assets, such as government bonds, stocks, real estate, or gold.
Blockchain Capital, the leading capital company investing in blockchain technology, held a survey from October 18th to 20th 2017 in order to identify the common opinion, sentiment and awareness towards bitcoin. The results of the survey were quite astonishing. The survey revealed that the younger population is more comfortable dealing with digital currency rather than concrete money. The main reasons for these beliefs were that:
- 70% of the 10,000 millennials find bank interest rates dissatisfying.
- 65% of these millennials said that they find bitcoin safer because they have full control over their investment.
Many of the early adopters of bitcoin are now billionaires as the price of a bitcoin has seen a meteoric rise from $250 to $7,000 within two years. As much as the idea of virtual money makes sense and appeals to the new generation, it is a system that has gained millennials' trust. They find it more trustworthy than traditional financial systems.
After the financial crisis of 2008, many millennials were not able to find jobs and remained unemployed; the Great Recession followed. Due to this, millennials have developed more faith in the digital currency than the traditional banking systems. This opinion strengthened after the lack of persecution of those bankers that were responsible for the disaster. The survey revealed that 27% of the younger population, and 8% of the people who are 65 or older, believe that dealing with bitcoin is much more reliable than the larger banks.
With this, the survey also exposed that 48% of the millennials (31% of males and 13% females) consider bitcoin an optimistic approach in the financial technology industry. They are much quicker to embrace it than the other generations.
Although many prefer bitcoin over the traditional banking, a little less than 50% of the polled millennials also expressed that they would rather go for a convenient form of banking. A total of 45% of these polled people also said that they would like the banking systems to incorporate bitcoin wallets in their operations so that they may be able to deal in digital currencies and make transactions through their existing bank accounts.