Some 45% of millennials prefer bitcoin over stock, real estate and gold according to new research by The Tokenist.
With this has come declining faith in large financial institutions, which has been on the wane for more than a decade.
The survey of 4 852 participants in 17 countries finds increased knowledge and growing confidence in bitcoin among all age and gender groups.
Some of the findings are surprising: 47% of respondents trust bitcoin over big banks, an increase of 29% in the past three years.
This trend appears to have been accelerated by the Covid-19 crisis. “With confidence in traditional investment instruments decreasing, bitcoin stands poised to offer investors an alternative, long-term store of value,” says The Tokenist.
Perceptions of bitcoin have changed remarkably in recent years. At various times it’s been referred to as rat poison and a Ponzi scheme, though these perceptions are changing.
“Bitcoin’s origins can be traced to a small group of technologists who lost faith in the banking system during the last global crisis. In 2009, reckless behaviour by the largest Wall Street banks led to widespread panic, ultimately causing the Great Recession. Many of these banks were bailed out by their respective governments and faced limited repercussions in terms of accountability or liability,” says the survey.
These are the main findings of the survey:
- Over 45% of respondents prefer bitcoin over stocks, real estate, and gold;
- 61% of all respondents (and 78% of millennials) are now somewhat familiar with BTC (bitcoin), and 14% of millennials have owned the asset;
- 60% of respondents feel bitcoin is a positive innovation in financial technology, an increase of 27% in three years;
- 47% of respondents trust bitcoin over big banks, an increase of 29% in the past three years;
- 43% of respondents, and 59% of millennials, feel that most people will be using bitcoin within the next decade;
- In 2020, 44% of millennials report that they are likely to buy BTC in the next five years;
- More than one in three millennials would hold onto bitcoin they are given, while a slightly smaller number (27%) would immediately sell it;
- 39% of male millennials now have no problem with the intangible nature of BTC, and a quarter of millennials as a whole report the same attitude; and
- Just 24% of millennials think that bitcoin is a bubble, though 50% of the over-65s do.