Half of American Millennials are Open to Using Cryptocurrency
Bitcoin (BTC), Cryptocurrency–While the majority of the crypto industry and the market continues to feed on news out of Wall Street’s institutional money and the U.S. Securities and Exchange Commission’s ruling on Bitcoin Exchange-Traded Funds, a subset of the American population is ready to welcome cryptocurrency with open arms.
A recent published survey has found that nearly half of all American millennials report an interest in cryptocurrency, giving a strong indication for the trend of adoption moving forward. Conducted by the research service YouGov Omnibus, which polled 1200+ respondents through the last days of August, found that there is decidedly more optimism and interest towards cryptocurrency among younger generations and those just now entering early adulthood–a trend that has been confirmed by other surveys in relation to intent to invest in cryptocurrency.
“Of the people who believe that cryptocurrencies will become widely accepted, over one-third (36%) say they would be interested in converting to primarily using a cryptocurrency rather than the U.S. dollar. However, a majority (57%) say they would not be interested in converting away from the U.S. dollar. Millennials are almost equally split between being interested (48%) and not interested (50%).”
As opposed to older investors polled in previous surveys, particularly those with capital and assets equaling greater than $100,000, which rejected Bitcoin and cryptocurrency on a basis of high price volatility and lack of regulation in the market, younger investors and general enthusiasts seem to be drawn to the idea of an alternative form of money. It also shows a subtle preference for avoiding the traditional investment route of stocks and Wall Street, as the millennial generation was one that hit its stride in the U.S. around the time of the global 2008 recession and the widely publicized Occupy Wall Street campaign.
In evidence of further adoption for the industry of cryptocurrency, the vast majority (79 percent) of respondents were familiar with at least one cryptocurrency, of which Bitcoin was listed as the most popular at 71 percent of those polled, an unsurprising fact given its position in market capitalization and general household name appeal. Ethereum, the second largest currency by market capitalization, made up the next highest currency in terms of familiarity, with 13 percent of those polled saying they knew of the coin.
Unfortunately, 87 percent of respondents who reported being familiar with Bitcoin had never actually interacted with a digital currency, again appealing to the brand-appeal of the coin while wider adoption continues to lag behind. As far as investing, 49 percent of respondents reported being glad they had not purchased Bitcoin prior to the questionairre–an unsurprising feature as the coin hits its ninth month of a bear cycle, down from nearly $20,000 at the end of last year. Some respondents reported having some regret towards the digital asset, with 15 percent stating that they wished they had bought Bitcoin earlier.
Perhaps most telling of all was 44 percent of millenials stating that they believed cryptocurrency would achieve wider adoption in the future, with only 34 percent saying that greater adoption would not occur. As outlined in the finding, the researchers conducting the survey reported believing that most of the skepticism comes from the still entrenched belief that cryptocurrency is primarily for illicit and anonymous activities–an idea carved deeply into society following the Silk Road episode.