Study reveals that millennials prefer bitcoin before traditional investments

Traditional financial instruments do not seem so attractive to the so-called millennial generation, according to a new study.

Although sociologically speaking millennials do not seem to have much empathy for some old concepts about family, relationships, sex, work, democracy and politics in general, they do seem to have a growing enthusiasm for the fascinating world of cryptoactives, the new form that global finance is taking.

The venture capital firm Blockchain Capital ensures that about 30% of young people between 18 and 24 years old prefer to have $ 1,000 in bitcoin than the same amount of state debt or stock market bonds. The sample of 2,000 people indicates that about 42% of millennials know some aspect of bitcoin, which contrasts with 15% of people up to 65 years old.

The survey indicates that 30% of millennials prefer to have bitcoin rather than government bonds; 22% prefer bitcoin to real estate investments; and 19% prefer the cryptoactive over gold or other precious metals.

Bitcoin maintains a price that currently stands at $ 7,195 and has seen significant growth over the past two weeks, according to statistics from CoinMarketCap. Currently its capitalization is located at $ 119 billion dollars. During this year it has had a growth of 600%, while the S & P 500 stock index has had a growth of 15%. Beyond the millennial generation, cryptoactives are a huge point of interest for those involved in finance.

The same survey indicates that only 2% of Americans have ever had bitcoins, but the growth of the cryptoactive markets denotes a growing adoption that could be strongly boosted by millennials, or in its exception individuals not older than 40 years of age.

As pointed out by Forbes magazine last September, millennials are adopting the long-term crypto-active, making transactions from their smartphones and computers, or being risky, analytical and speculative investors in the main markets and exchange houses. They may even be organizing long-term retirement plans.

The publication evidences comments from the well-known Bitcoin expert Andreas Antonopoulos, who says:
When you talk to millennials who have been deeply disappointed by all social institutions - government, churches, politicians, parties - they can not trust anyone else. They remember the year 2008 because it was the first big collapse they witnessed and many of them were unable to get a job and they did not see any banker go to jail.

Andreas Antonopoulos
Specialist in Bitcoin and blockchain

In the Blockchain Capital study, he also asks about the confidence of millennials with respect to banks. 1 in 4 millennials rely more on bitcoin than in the big banks. The cryptoactive has almost 9 years of history, while the banking institutions more than 400 years. In fact, 48% of millennials say that bitcoin is a highly positive technological innovation, while 42% also think that most people will be using bitcoin for the next 10 years.

Indeed, millennials tend to be classified as a frustrated generation with little affinity to modern society, although they seem to adapt very well to disruptive technological tools that we have seen being born or developed strongly during the last 20 years: the Internet, mobile telephony, smart devices, etc. It is natural that Bitcoin find a space in his pockets, mind and heart of the Millennial when itself, Bitcoin was a response to the lack of scruples of the current financial and banking system, so it is evident that this technological tool and generation more in favor of it, they are very well aligned both in their customs and in their ideology.