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Cryptocurrencies are becoming increasingly popular. Millennials in particular are among the largest and most active investor group. This bodes well for the crypto market.
“The Tokenist” has conducted the largest survey to date on public opinion on Bitcoin. 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 investing, it is clear that cryptocurrencies are becoming increasingly relevant for investors. When asked whether they would rather invest 1,000 USD in bonds, stocks, real estate, gold or digital currencies, there is a clear discrepancy in preferences across different age groups. While low-yield government bonds are not an option for 53 percent of millennials as an investment, only 3 percent of respondents in the over-65 age group would rather invest their money in cryptocurrencies than in government bonds. The difference is also clear when it comes to stocks: 29 percent of millennials surveyed prefer a crypto investment to stock investments, and only 4 percent of study participants over 65 hold a similar opinion.
And 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, 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. In particular, government bonds have lost massive ground as a possible investment among millennials in the past three years – in favor of Bitcoin.
Overall, over 45 percent of respondents would rather invest in Bitcoin than in stocks, real estate or gold, according to the survey. Compared to 2017, this is an increase of 13 percent. Although trust in Bitcoin has declined slightly in the over-65 age group, it was found that Millennials in particular saw their trust in government bonds, real estate and gold decline significantly. Only stocks are now viewed more positively by Millennials than in 2017.
Experience with Bitcoin investments increased
Also noticeable in the study: a positive development in the adoption of Bitcoin. While only two percent of respondents owned or had owned Bitcoin in 2017, the number rose to six percent in 2020. Here, too, it is millennials who are leading the way: after 4 percent of Bitcoin investors three years ago, in 2020 14 percent of respondents in this age group have or had Bitcoin investments.
61 percent of all participants are familiar or very familiar with cryptocurrencies or have already owned them, a significant increase from 30 percent in 2017. Cryptocurrencies are apparently a topic across all age groups, as familiarity with Bitcoin was equally high among both millennials and respondents over 65, although older study participants invested or invest in the area significantly less frequently.
44 percent of millennials also said they were likely to buy BTC in the next five years. Among those over 65, the figure is only 3 percent, while 80 percent of respondents in this age group rule it out as an investment in the next five years.
Banks are losing trust among the younger generation
Another result of the survey: banks have lost a lot of trust in recent years. In 2017, 82 percent of respondents still considered large Wall Street firms 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 respondents now express their trust in banks rather than Bitcoin. Among millennials, the cryptocurrency has even taken the lead: 51 percent of study participants – 24 percent more than in 2017 – consider Bitcoin to be more trustworthy than large financial institutions.
In this segment, there is the biggest discrepancy across age groups: 93 percent of those over 65 trust banks more than Bitcoin.
Millennials could push crypto market
The results of the study suggest that investors’ sentiment towards BTC has become significantly more positive in recent years. The cryptocurrency has been able to catch up, particularly when it comes to storing value, while traditional banks have lost trust.
Many investors – especially in the millennial generation – now have significantly more knowledge about Bitcoin and are also more bullish about its potential future performance than they were a few years ago, with only 24 percent of millennials thinking that Bitcoin is a bubble, even though 50 percent of those over 65 do.
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