News hardware Crypto-loving millennials? Encouraging figures delivered by this study
It is undeniable, for several years cryptos have been attracting more and more investors. Among these new virtual currency and blockchain enthusiasts, there are people of all ages. Nevertheless, the most knowledgeable about cryptocurrencies seem to be the millennials.
40% of American millennials own cryptocurrencies
According to a study conducted in the United States on residents between the ages of 26 and 40, nearly 40% of millennials are actively interested in the cryptocurrency market. The Alto company, which specializes in the cryptocurrency sector, therefore reveals that among Generation Y, 4 out of 10 people have already invested in blockchain-enhanced virtual currencies.
The survey entitled “How Millennials see their financial future” reveals an unsurprising reality on the part of “digital natives”…
This generation includes people born between the beginning of the 1980s and the end of the 1990s. As a result, millennials experienced during their young age the massive introduction of computers into homes and were able to acquire a certain mastery logic of this technology, often misunderstood by their elders. Thus, this generation was able to experiment with the web and create the foundations, which earned them the nickname of “digital natives”.
Cryptocurrencies therefore do not escape the innate curiosity for new technologies of 40% of millennials. But what about other millennials?
60% are not ready to invest in cryptocurrencies (Bitcoin, Ethereum, Shiba…)
Despite growing adoption, with ever-increasing numbers, we are forced to note that a major part of Generation Y is not “in”.
In the remaining 60%, a party expresses a reservation, generally fueled by a certain misunderstanding or even mistrust of the new technology behind cryptocurrencies. Although the uses of the blockchain (technology behind cryptos) are increasingly democratized through applications or popular content, certain new notions around money as we know it, generate a reluctance from the from some millennials.
In addition to the technical principles of virtual wallets, private keys, transaction fees, etc. The founding principle of decentralization of Bitcoin may worry future users. Indeed, the absence of a banking system forces Bitcoin users to be responsible during transactions. Thus, unlike banks, the user can lose the amount of a transaction at the slightest error, in the address of the recipient for example.
Cryptos vs stocks
Beyond the distrust of cryptos, the survey reveals that the stock market in general is subject to a lack of confidence among millennials. They are 76% to express their concern to see their savings go up in smoke following a fall in prices. Also, 74% of millennials consider the stock market to be like a casino.
With these elements, they are only 42% open to the possibility of investing in the stock market, a figure more less equivalent to investing in crypto.
While finance is not looking good, according to crypto enthusiasts, the data is encouraging for universal adoption of cryptocurrencies over the long term. It remains to be seen whether Generation Z, born between 1997 and 2010, will do better than these elders…