Millennials are in rapid growth in demand for cryptocurrencies
According to the New York Post a survey conducted by Deidre Campbell president of Edelman's global financial services shows that millennials still prefer cryptocurrency investments.
Campbell said his research shows that more than 25% of millennials already use or hold digital assets and those who hold cryptocurrencies want them to buy earlier.
According to the survey 30% of respondents expressed interest in learning and understanding cryptocurrencies and plans to invest in cryptocurrencies in the short term which means that more than 55% of millennials have or plan to invest in this emerging asset class. .
Several studies have found that Millennials do not trust traditional banks because of inefficient systems and outdated models that are not suitable for young investors. Millennials often suffer huge financial pressures after completing college studies through loans and they are reluctant to entrust their money to banks.
In 2015 when mainstream society’s awareness of cryptocurrencies was relatively low and millennials did not understand alternative banking systems a study conducted by Harvard’s Institute of Politics found that only 14% of millennials believed that Wall Street is doing the right thing for customers.
Based on the release of these studies Kevin Kelly CEO of Recon Capital Partners said emerging trends could cause trouble for Wall Street banks and financial institutions.
Kelly explained "This may be a problem for Wall Street. Since the financial crisis we have not seen any substantial changes in Wall Street. Every day we start to see the title Wall Street repeats it another Wall Street scam" .
Three years later financial technology applications and cryptocurrencies such as cashless alternatives have become increasingly popular among millennials. China's financial technology platform Alibaba's Alipay valuation has more than 150 billion US dollars accounting for more than 80% of domestic online transactions.
In areas that are underdeveloped and where there is no real banking system financial technology applications are attracting millions of users. For example in the Philippines big banks such as Union Bank require residents and citizens to store more than $2000 as a fixed asset in a bank account which amounts to depriving a significant portion of the population of eligibility for banking services.
In this situation some remittance agencies have become the main financial service providers of the day and the popularity of cryptocurrencies has also increased significantly because encrypted digital assets allow users to send and receive payments over their mobile phones without relying on banks.
Coins.ph is the largest cryptocurrency trading and remittance platform in the Philippines with more than 5 million users in the Philippines and millions of users in Thailand and Malaysia actively use the platform to send and receive cryptocurrencies.
Customers use the Coins.ph app to use financial services such as cross-border remittances purchase cryptocurrencies make up the beep storage value card pay bills and purchase traffic all without a bank account.
The major markets for cryptocurrencies such as the United States South Korea and Japan have established fully compliant cryptocurrency exchanges compliant payment processing and applications and millennials using cryptocurrency are expected to soar.
The South Korean government has acknowledged that cryptocurrency exchanges are legitimate financial institutions and South Korea is leading an initiative to persuade young people to enter the blockchain industry.