A couple of years ago most adults wished to hold some stock. For them, 1% to 5% increase in a day or two seemed fair. And stocks was one way to achieve this. Your money working for you, right? But it wasn’t just about the money, it had something to do with security. Not only stock competitive assets (crossing over the economic crisis of 2008, Stock Market Crash of 1973-1974, Black Monday of 1987, Dot-com Bubble of 2000 and Stock Market Crash of 2008), they are entirely secure through governance. So, when someone floated in the idea of trading cryptocurrencies/Bitcoin, it was absolute madness. A scam for sure.
Then 2017 happened, Bitcoin in among other cryptocurrencies were recording astronomical numbers. Bitcoin rose from as little as under $1,000 to over $20,000 in less than 12 months. Well, better not get left out, everyone said. And with it throughout the year, prices kept climbing. One particular demographic has however over the years have shown greater interest than others, the millennials. They have more hunger, they are not shy of taking risks and Bitcoin has become a morbid fascination.
Millennials Will Push Cryptocurrencies To New Heights
A new survey shows that 27% of them now prefer stocks to Bitcoin. This is despite Bitcoin being unregulated and posing a huge investment risk. Bitcoin is however not just pulling millennials away from stocks. A further 30% preferred Bitcoin to government bonds, 22% preferred Bitcoin to real estate and 24% preferred Bitcoin to gold. The survey, conducted by Harris Poll on behalf of Blockchain Capital also indicated that 48% of the 18-34 age group think most people will be using bitcoin in 10 years. It also states that 42% of Millenials say they are likely to buy Bitcoin within the next five years. Well, a further 42%, since the reports indicates 20% already own Bitcoin.
A few weeks ago I covered a story on how Bitcoin will hit a conservative $50,000 price based on great wealth transfer. With Millenials beginning to inherit wealth from baby boomers, Bitcoin is likely to see a high increase in demand. Is the survey collaborating this?
What About Awareness, How Much Has Happened Over The Last Two Years?
While Bitcoin and other cryptocurrencies haven’t posted as magic numbers as they did in 2017, their popularity continues to grow among millennials. The survey indicates that the percentage of those aged 18-34 who describe themselves as at least “somewhat familiar” with Bitcoin rose from 42% to 60%.
So with millennials quickly taking over and beginning to rule and influence world trends, things are looking all good for the world of cryptocurrencies.
If not yet, Please subscribe to my profile and let’s catch up on the next piece.