In popular media, millennials are often criticised for going against tradition and established order, however, they may very well be on the right path when it comes to investing their hard-earned cash. Surveys have found that the latest generation of investors is not interested in stocks anymore; instead, they are looking ahead to new technologies.
Bitcoin and other cryptocurrencies are perfectly suited to the stereotypical millennial way of thinking. The very mindset that sees them frustrated with banks and traditional investment leads them to be more likely to see the benefit in cryptocurrency.
A recent survey by the Blockchain Capital venture firm has found that as much as 30% of those between the ages of 18 and 34 would rather own $1,000 dollars of Bitcoin than the same value in bonds or stocks. The survey was taken by more than 2,000 people and found that at least 42% of millennials would consider themselves somewhat familiar with Bitcoin. In a stark comparison to this statistic, just 15% of the participants aged 65 and up would make the same statement.
The older generation who show much less general knowledge of Bitcoin are those who have been brought up in the knowledge that investing in stocks or bonds is the way to go. However, as the years go on, this is starting to change.
Generally speaking, the impression given is that millennials are against mainstream; which is another potential reason as to how the currency is so popular within this age group.
The younger generations, millennials in particular, are definitely the target audience of Bitcoin and other digital currencies. However, in the years to come, the announcement or implementation of other investment methods could help to spread its appeal to the older generations.