A new survey reveals that the growing number of millennials don’t trust big banks, instead, they prefer Bitcoin. The new data shows the growing distrust in big banks among the age group has increased by 29% over the last few years since the crypto bubble as we are reading more in the Bitcoin latest news.
While the Baby boomers have preferred the stock market and other traditional tools, millennials distrust big banks and Wall Street which led the consumer group through other assets such as Bitcoin and other cryptocurrencies. Retail investors among this age group dominated the user group and helped spike the Bitcoin rise in 2017. When the peak happened, a survey revealed the age groups regarding the hot cryptocurrencies, and 18% of them said they would trust bitcoin over big banks. A new survey reveals that this number is only increasing because of the many beneficial attributes and its decentralized design.
Other aspects of the design allow users to be their own bank which removes the need to rely on big banks that will influence monetary policies. The survey shows a huge boost in the people who trust bitcoin over big banks. The number increased by 29% to 47% in three years. The information is interesting because the previous survey was taken in a time where there was more hype around crypto. Investors learned more about the potential of the asset and learned that they cannot trust governments and big banks as well. The data also shows that most of the millennials polled prefer Bitcoin while Baby Boomers prefer big banks over Bitcoin.
More data shows that this age group could help further adoption in the upcoming years. 14% of millennials claimed they owned Bitcoin while 44% say that they plan to invest in the next five years which will pave the way for further adoption. Data shows that if crypto technology follows the path of the internet it could reach a similar level of adoption by 2043. The growing distrust in government and banks may be caused the adoption to increase. The number one cryptocurrency was also mentioned recently by protesters suggesting it is one of the ways people can opt-out of the current monetary policies. The waves of distrust are spreading across the world and if things get worse, users will turn to Bitcoin even more.
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