Cryptocurrency adoption by the millennial generation is largely seen as a negative sign by many analysts for traditional banking as more and more of this generation get a clouded vision of the current financial system.
The general consensus on the matter is that millennials don’t trust banks. There was research conducted last year by the international, research and analytics firm, Edelman Intelligence, which showed that 77 percent of “prosperous millennials” see the traditional banking system is designed in favour of the rich and powerful rather than the working class.
The conducted research shows that the lack of trust led to the same nearly four out of five respondents to predict that another international financial crisis was just around the corner due to the “bad behaviour” of the current banking system. 75 percent of respondents were concerned about the global financial system in that it was at risk of being hacked, causing the respondents concern about the potential loss of their own private financial information.
And so with this, this generation has put their faith somewhere else. Recent figures suggest that around 17 percent of millennials own cryptocurrency.
According to Edelman’s study, around a quarter of wealthy millennials own cryptocurrencies, another 31 percent are interested in crypto and a huge 74 percent put their trust in blockchain as a much safer system than the international financial space is currently able to offer.
In a separate survey, the blockchain venture fund, Sustany Capital showed that just under 90 percent want to invest in cryptocurrency and 42 percent would like to use “cryptocurrency as savings.”
As reported by BitconNews:
“The switch from conventional banking becomes more feasible for many given more education, with another survey revealing that 97% of surveyed millennials and generation X’ers said they would like to learn more about the workings of cryptocurrency. Many felt that they would be more likely to invest with financial advice demonstrating a potential professional gap in the market.”
With the millennial generation looking for a new way to conduct their finances in a sense where they can help themselves instead of just feed banking institution profits, cryptocurrency is becoming a much more serious entity than it was ten or even five years ago when it was seen as a gamble.