Millennials have always been held responsible for every change brought upon our society and their recent target seems to be fiat currencies which stand at a high chance of being overtaken by its alternate digital forms. A recent survey revealed that more than half of the millennial population feels positive about Bitcoins and are twice likely to own the same compared to those belonging to other age groups.
More than 2000 US adults were questioned by Harris Poll which marked one of the most widespread Bitcoin surveys conducted till date. The poll conducted between 18th to 20th of October brings in light how adults belonging to various age groups perceive bitcoin. The greatest divergence from the common trend is seen amongst those belonging to the age band of 18-34, more popularly known as Millennials.
Compared to the rest of the population twice as many millennials are rightful owners of Bitcoins and a third wishes to buy Bitcoins within the coming five years in contrast to 19% of the entire American population.
Spencer Bogart, the managing director of Blockchain Capital was quoted as saying, “The results of the survey reinforce our conviction in the massive opportunity that lies ahead for Bitcoin.”
However Bitcoin has a long way to travel before it can gain the numero uno slot by overtaking other financial assets. 30% of the millennials who participated in the survey said that they would any day hold Bitcoins worth $1k over government bonds of same worth. Compared to stocks, real estate and gold, the figure in favour of Bitcoin purchase comprises of 27%, 22% and 19% respectively of the millennials.
The survey shows a significant difference in between the thought process of millennials and those belonging to other age groups. Compared to 65.16% of millennials who wish to become Bitcoin owners within the coming five years, the percentage decreases to just 2 points for those above 45 and becomes an absolute zero for those above 65 years of age. The last segment also does not perceive Bitcoin with equal positivity and views the same as a bubble just waiting to burst. 92% of the over 65 population entrust the big banks with their financial holdings compared to Bitcoin mode whereas only 73% of the millennials agree to the same. 27% of the under 35 male population sides with Bitcoin.
The survey also reveals that the battle of sexes takes a new form in the crypto plethora. Google Analytics had previously suggested that cryptocurrency is a highly male-dominated area with a meagre 4% of female population. The survey stated that compared to women, twice as many men have owned and are three times as likely to own Bitcoin in the coming five years. 17% of the male gender thinks positively about Bitcoins compared to 7% of their better halves.
Bitcoin experienced a 6% hike on Wednesday rising up to $7545 pushing up the value of the entire crypto market to over $200 billion. Bitcoin has soared more than 600% in the current fiscal when compared to 15% gains on the S&P 500 Index.
With more and more millennials coming under the investment arena, the total cryptocurrency market is sure to receive a positive stimuli. Transacting in Bitcoin is also undergoing inherent changes to make it easier for buyers to enter into transactions coupled by maturity of the derivatives market and high probabilities of U.S. regulators showing a green signal to CME’s Bitcoin Futures plan.
Thus if Bitcoin is the future, then millennials can surely be given the tag of its rightful custodian. Given such a backing we can all be rest assured that the next big thing since the dot com revolution surely is in safe hands.
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