Millenial’s Faith in Cryptocurrency Continues to Rise

Author: 
Michael R.
Date: 
November 14, 2018
Read time: 
2 minutes
Cryptocurrency
Investing
Millenials

According to a recent study conducted by Deidre Campbell, Global Chair of Financial Services at Edelman, over 25% of millennials reported already using or holding cryptocurrency. Each day Bitcoin, blockchain, and cryptocurrency as buzzwords are becoming more ingrained into the minds of people across the globe - particularly millennials.

According to a recent study conducted by Deidre Campbell, Global Chair of Financial Services at Edelman, over 25% of millennials reported already using or holding cryptocurrency. Each day Bitcoin, blockchain, and cryptocurrency as buzzwords are becoming more ingrained into the minds of people across the globe - particularly millennials.

In a survey with Harvard University's Institute of Politics, it is shown that only 14% of people ages 18 to 29 claim they trust Wall Street to “do the right thing.” With Wall Street trust from millennials going down, they are quick to seek for alternatives.

Many millennials view cryptocurrencies as an asset which can give them control of their finances and choose where to invest their money. As written by The Street, "I think the recession had a greater impact on millennials than many people think," said John Della Volpe, director of polling at the Harvard institute. "They were coming of age at a time when everything they thought was sacred and secure was found not to be because of the recession. And I think they put a fair amount of blame on Wall Street for the recession."

millennial faith in cryptocurrency

This is a major threat to banks - and hopefully, it forces them to change their ways. Millennials are of the top consumers in the market and if they decide to bank with local banks, or privately with cryptocurrencies, then big banks are in trouble.

Cryptocurrencies are viewed to be a technical revolution similar to the dot-com boom from the 1990s. Opportunity to invest at the ground floor of such a disruptive technology is extremely appealing. In the US, South Korea, and Japan in particular where cryptocurrencies are legally recognized and fully compliant trading exchanges exist, millennials have no issue buying up cryptocurrencies and speculating on the market. If you want to get started in this new and exciting market, the first step is checking out our start investing course. The educational barrier to the crypto market is substantial - a helping hand at the beginning goes a long way.

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