Study indicated that 25% of the millennials already hold or are using cryptocurrency, while an additional 30% showed an inclination towards understanding the ecosystem and to invest in the short term. This can be attributed to the increasing distrust among millennials towards banks and other financial institutions.
A recent study states that most millennials distrust banks and other financial institutions, partly due to the inefficient systems and outdated models that don’t cater for young investors. The outstanding student loans often put immense financial pressure on graduating student. Even in 2015, when cryptocurrencies were still obscure, a study conducted by the Harvard University Institute of Politics revealed that only 14 % of Millennials believed that Wall Street institutions ‘do the right thing for their customers.’
Kevin Kelly, the CEO of Recon Capital Partners said at the time that emerging alternatives to banking systems could create trouble for financial institutions and banks in the Wall Street. Now, in 2018, when the popularity and use cases of cryptocurrencies is ever-increasing, Kelly’s prediction could, in fact, come true.
Similar to this report, a survey conducted in Europe suggested that younger Germans are more likely to invest in cryptocurrencies. Another survey conducted on Twitter Ron Paul, showed that most investors would opt Bitcoin for a Long-Term Investment. Inferring the varying degrees of inclination shown by such surveys one can easily deduce that the Cryptocurrency ecosystem certainly intrigues the millennials. In fact, despite the current bear market, Google Trends Bitcoin interest hit its highest since April.