New Study Shows Millennials Favor Bitcoin Over Traditional Banking
The wounds are still fresh from the 2008 Financial Crisis, and millennials have not soon forgotten.
In a recent poll conducted by Blockchain Capital, roughly 70% of the 10,000 millennials polled say that they are not content with interest rates offered by tradition banks.
Big surprise right?
I don't think anyone is happy with the current interest rates.
However, what is really surprising is the next figure...
According to that same poll, roughly 65% of millennials believe that their money is safer in bitcoin than in traditional banks because "they control it".
Interesting.
It gets better...
Also, according to the data, 1 in 4 millennials are already planning to invest their money in bitcoin as opposed to opening traditional banking accounts.
That is not all that surprising given the surge in popularity around the space, but what do they say is the biggest driver?
Millennials believe they will earn a much greater price appreciation on their money (no kidding) AND they believe it is safer.
There it is again, that safety factor...
People don't trust their governments anymore and they don't trust their banks.
Another interesting tidbit was that 2/3rds of the females that plan on investing in bitcoin also plan on branching out and investing in other cryptocurrencies.
Perhaps we can convince them to give Steem a look?
Females do tend to spend more time on social media sites than males...
According to Andrew Sung of Blockchain Capital the data isn't all that surprising:
"The younger generation has been notoriously quicker to act on new technologies, including the latest smartphones, which have enabled millennials to invest in Bitcoin over the last few years, before large hedge funds and financial institutions started to get involved."
We are much more likely to be early adopters than our older counterparts... (That's right said "we")
Finally, overall, the poll data shows that millennials plan on investing roughly 2/3rds of their savings into cryptocurrencies.
In conclusion:
This just confirms why these things are so popular right now.
People still don't trust their governments or the banks since the 2008 Financial Crisis.
Bitcoin was born out of that mistrust.
The younger generation is voicing that distrust by the way they are choosing to spend their investment dollars.
Millennials are likely to ensure that bitcoin (or something like it) is here to stay and is our next form of money going forward.
Stay informed my friends.
Sources:
https://cointelegraph.com/news/study-shows-millennials-favor-bitcoin-over-traditional-banking
Image Sources:
https://www.theodysseyonline.com/who-are-the-millennials
https://www.pinterest.com/pin/38351034297780752/
https://usaherald.com/three-millennial-types-every-marketer-needs-master/
Follow me: @jrcornel
I have to say, there are many more reasons I would invest in bitcoin. The major issues are the safety and investment rate factors. Other reasons would be that in most countries, bitcoin is an accepted currency. This would make traveling or even relocation a lot easier.
Here is another reason for you to buy bitcoin or use cloud mining!
https://steemit.com/bitcoin/@pvhittalamni/how-successful-bitcoin-cloud-mining-is
My brother, who is a business entrepreneur, took economics academically and worked for financial companies/ institution for a decade withdrew his stocks on the market and now a full pledge bitcoin promoter.
He introduced Steemit community to the family and the rest of us to our friends and colleagues.
That's great!
Thanks! Good thing we're in here in this very healthy and friendly community. Expect us to continue spreading words. :)
Completely right sir @jrcornel bitcoin was conceived doubt and developing fantastically. millenials are putting their well deserved cash in the leading digital currency Bitcoin instead of opening traditional bank accounts.
Thanks for information and updates.
Now a days bitcoin is very popular in Bangladesh. I am a bitcoin lover and I have some friends who loves bitcoin. If you don't mind, Can I resteem your post? My friends will love this post.
Yo ,
Thanks for the great content
anybody with some knowledge about cryptocurrencies would prefer bitcoin to banks, it's common sense. I bet the 35% who didn't prefer bitcoin didn't understand it enough.
One in four millennials are investing their hard-earned money in the leading digital currency Bitcoin instead of opening traditional bank accounts.
The study says 25% would invest in bitcoin, given the choice to invest $1000 in bitcoin, gold, real estate, stocks or bonds. Only 4% of the millennials who answered have ever actually bought bitcoin.
That is great that most haven't bought yet! I'm expecting them to push up the market cap even more, once they do buy!
Umm, what. 1 in 4 millennials is using bitcoin instead of traditional banking?
1 in 4 said they would invest, 4% said they have actually bought Bitcoin. I'm saying I that the rest, 96%, will push up the market cap when they do buy
"This survey was conducted online within the United States by Harris Poll on behalf of Blockchain Capital from October 18-20, 2017 among 2,112 U.S. adults ages 18 and older, among whom 387 are millennials (ages 18-34). This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. "
So, sample size of 387, from a self-directed online poll, with no sampling error calculation possible. Seems legit.
Cryptocurrency is definitely the way to go and I can also agree that the trust between governments and banks have been lost. Gone are the days that we are strong armed into investing with banks, I would rather invest in Bitcoin!
Of course they favor crypto, traditional banking is for dinosaurs, lol ;)
Haha yes, yes it is. :)
You guys are both funny! Makes a minnow like me enjoy the community even more. :) Hope to learn more about Steemit as I go along.
Side comment: Haha! Dinosaurs? ^^
haha
I made good profits during the 2008 financial crisis due to selling all my stocks just before the prices crashed. I still have one share left on two banks and earn about 10 EUR a year.