Cryptocurrencies are becoming increasingly popular. Millennials in particular are among the largest and most active investor groups. These are good prospects for the crypto market.
• Sentiment towards BTC has become significantly more positive since 2017
• Millennials are driving the market
• Banks lose trust
“The Tokenist” has conducted the largest survey of public opinion on Bitcoin to date. A total of 4,852 participants from 17 countries between the ages of 18 and 65 were asked about their opinion on Bitcoin – with some surprising results.
Millennials’ sentiment towards cryptocurrencies is positive
When it comes to the topic of investing, it is clear that cryptocurrencies are becoming increasingly relevant among investors. When asked whether they would rather invest in bonds, stocks, real estate, gold or digital currencies with $1,000, there is a clear discrepancy in preferences in different age groups. While low-yielding government bonds are not an investment option for 53 percent of Millennials, only 3 percent of respondents in the over 65 age group would prefer to invest their money in cryptocurrencies instead of government bonds. The difference can also be clearly seen when it comes to stocks: 29 percent of the Millennials surveyed prefer crypto investments to stock investments, while only 4 percent of the study participants over 65 hold a similar opinion.
Opinions also differ when it comes to gold, an investment that is in high demand in uncertain and volatile stock market times: 32 percent of Millennials would rather invest in Bitcoin than in gold, and only three percent in the 65+ age group think the same.
It also shows that the general mood towards Bitcoin as an investment has improved significantly in the years since 2017. Government bonds in particular have lost massive ground as a possible investment among millennials over the past three years – in favor of Bitcoin.
Overall, over 45 percent of those surveyed would rather invest in Bitcoin than in stocks, real estate or gold, according to the survey results. Compared to 2017, this is an increase of 13 percent. Although trust in Bitcoin declined slightly in the age group over 65, millennials in particular showed that their trust in government bonds, real estate and gold decreased significantly. Only more millennials are now more positive about stocks than in 2017.
Experience with Bitcoin investments increased
Also noticeable in the study: a positive development in the adaptation of Bitcoin. While in 2017 only two percent of respondents owned or have owned Bitcoin, the number rose to six percent in 2020. Here too, it is millennials who are pushing ahead: after 4 percent of Bitcoin investors three years ago, 14 percent of respondents in this age group have or had Bitcoin investments in 2020.
61 percent of total participants are familiar or very familiar with cryptocurrencies or have already owned them, a number significantly increased compared to 30 percent in 2017. Cryptocurrencies are apparently an issue in all age groups, as familiarity with Bitcoin was equally high among both millennials and respondents over 65, although older study participants invested or are investing in the area significantly less frequently.
44 percent of Millennials also said they were likely to buy BTC in the next five years. Meanwhile, among those over 65, the figure is only 3 percent, while 80 percent of those surveyed in this age group are ruling out this as an investment in the next five years.
Banks are losing trust among the younger generation
Another result of the survey: Banks have lost massive amounts of trust in recent years. In 2017, 82 percent of those surveyed considered large Wall Street houses such as Wells Fargo, JPMorgan and Goldman Sachs to be more trustworthy, but just three years later the mood has changed significantly: only 53 percent of those surveyed now trust banks rather than Bitcoin . The cryptocurrency was even able to take the lead among millennials: 51 percent of the study participants – 24 percent more than in 2017 – consider Bitcoin to be more trustworthy than large financial institutions.
In this segment, there is the largest discrepancy across different age groups: 93 percent of those over 65 are more likely to trust banks than Bitcoin.
Millennials could push the crypto market
The results of the study suggest that investor sentiment towards BTC has become significantly more positive in recent years. The cryptocurrency was able to catch up, particularly when it came to storing value, while traditional banks tended to lose trust.
Many investors – especially in the Millennial generation – now have a significantly higher level of knowledge about Bitcoin and are also more bullish about possible future performance than a few years ago, because only 24 percent of Millennials think that Bitcoin is a bubble , even though 50 percent of people over 65 do so.
Editorial team finanzen.net