Millennials Ditching Savings Accounts for Cryptocurrencies New Survey Says

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The revolution will be monetized if the results of a new survey, in which 10,000 millennials participated, are to be believed.

An incredible 61% of respondents said they had bought bitcoin in the past 12 months, with 29% stating they were considering doing so, while 10% said they don’t even know what bitcoin is.

The twenty something were not pleased with the almost non-existent returns in their savings accounts, with 70% stating they were unhappy about the interest rate offered by their bank.

An interest rate that is currently close to zero following the unprecedented monetary actions taken by central banks in light of the 2008 banking collapse.

Which is apparently why 65% of respondents, that is 6,500 millennials, said they felt safer with their savings stored in Bitcoin rather than in a savings account.

By safer presumably they mean that its value may increase considerably more than in a savings account, because cryptocurrencies can be far riskier, so that value might fall in half as has happened.

However, so far, if you just parked value in bitcoin or any of the other major digital currencies, and then forgot about it, the returns would have been quite amazing, but volatile in the interim period.

Whether that will continue to be the case no one can quite say, but somewhat interestingly 66% of female respondents had diversified to ethereum while only 25% of male respondents had done so.

Quite a curious statistic because female ethereans are a bit of a rare species, but if the above is true then it just might be the case they are good at hiding in the intertubes.

Which leads us to a caution regarding this survey. It is undertaken by a crypto-news aggregator called Coin Spectator, so it might be slightly biased, especially if the sample was their own readers.

Nonetheless we found it interesting even if it was the case it is mostly crypto-adopters already, not least because 66% of them say they plan to invest 50%-70% of their savings in digital currencies.

Hopefully they will be able to engage in some stupendous diversification with the remaining 30%, but the age bracket here is 18-24 in any event, so their savings might amount to around $100 – $1,000.

As you might expect, quite a few of them (45%) would like their bank to offer a bitcoin savings account, presumably because they don’t want to be their own bank.

All in all, this survey, albeit perhaps unscientific, might give us a glimpse into the amazing bull run we have been experiencing this year.

Except for stocks, there aren’t really many options to keep with inflation, let alone secure some decent returns, with whatever options there are, usually reserved for the 1% even by legal barriers of one law for the rich another for the rest.

But that regulatory capture by Venture Capitalists (VCs) might be changing with ethereum opening value creation and early stage investing to the public.

Its global and decentralized nature makes it difficult for regulators to apply unjust or unreasonable laws, thus giving some space to this generation to engage in quite a kaleidoscopic dance of ICOs.

To say nothing of public blockchains themselves which have created a $250 billion ecosystem in a flat world of no barriers where anyone can take place as meritocracy alone rules, for now.

No wonder therefore the young are bored with their 0% savings accounts and are taking risks with what might be a once in a generation opportunity, but hopefully those risks are of a limited amount because this space does remain very experimental.

 

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