According to a recent survey by Coinspectator.com, around 65 percent of millennials are investing in one of the prominent digital currency – Bitcoin claiming their funds are safer there than banks, and in order to earn more in crypto trading.
Compared to older counterparts, it is much easier for younger generation to grasp the new technologies. According to site founder Andrew Sung.
“The younger generation has been notoriously quicker to act on new technologies. Including the latest smartphones, which have enabled millennials to invest in Bitcoin over the last few years. Before large hedge funds and financial institutions started to get involved”.
The blockchain capital survey reports that 65% of the sampled 10,000 millennials aged 18 to 24 say their money is safer in Bitcoin than in banks. These millennials claim they are not content with the interest rates offered by banks. Moreover, the survey shows that nearly two thirds of females begin to branch out from Bitcoin to diversify their portfolio they invested in other digital currencies.
61 percent of the surveyed purchased Bitcoins in the past year and 29 percent are considering it. Only 10 percent do not know what Bitcoin is. A quarter of male respondents have also invested in Ethereum, meaning millennials are also considering other cryptocurrencies as well.
Other highlights of the survey
Around 45% of millennials surveyed say they want banks to offer savings accounts based on Bitcoin. This will help them directly invest in Bitcoin using their present bank accounts.
Furthermore, two thirds of the respondents plan to invest into Bitcoin in the next five years.