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Two-Thirds of Millennials View Bitcoin as a Safe Haven (Survey)
A study by BanklessTimes found that 67% of respondents aged 27 to 42 view Bitcoin as a safe haven. Previous surveys have shown that Millennials are among the most active demographics in the cryptocurrency space and have friendlier attitudes than older generations. BTC is emerging as a key asset for Millennials According to Jonathan Merry – CEO of BanklessTimes – the primary cryptocurrency is an important investment vehicle for Millennials as it offers financial freedom and allows them to diversify during times of economic uncertainty. Those born between 1981-1996 are more open to digital innovations and are more likely to engage with...
Two-Thirds of Millennials View Bitcoin as a Safe Haven (Survey)
A study by BanklessTimes found that 67% of respondents aged 27 to 42 view Bitcoin as a safe haven.
Previous surveys have shown that Millennials are among the most active demographics in the cryptocurrency space and have friendlier attitudes than older generations.
BTC is becoming an important asset for millennials
According to Jonathan Merry – CEO of BanklessTimes – the primary cryptocurrency is an important investment vehicle for millennials as it offers financial freedom and allows them to diversify during times of economic uncertainty.
Those born between 1981-1996 are more open to digital innovation and are more likely to engage with BTC than Generation X and Baby Boomers. Older people remain predominantly conservative by sticking to fiat currencies and expressing skepticism towards the crypto sector.
Most millennials who responded to the survey believe that Bitcoin will become mainstream in the following years. They also see it as a better monetary instrument than the dollar, the euro or any other national currency.
The decentralized nature of the asset and limited supply cap appear to be the key advantages for the demographic to classify it as a safe haven.
Staying outside the reach of central banks means Bitcoin is not subject to dubious monetary policies implemented by governments. Its maximum ever supply of 21 million coins led many to believe that it could serve as a hedge against inflation. The shortage could also increase the USD valuation of the asset in the future if demand stays the same or increases.
On the other hand, several central banks have printed colossal amounts of money during the COVID-19 crisis to support households and closed businesses. This move, among other factors, led to record inflation in many countries. The rate in the U.S. reached 9.1% in June last year, a four-decade high.
Millennials and their love of crypto
Another study conducted in 2021showedthat almost 50% of Millennial millionaires have invested at least a quarter of their wealth in cryptocurrencies.
36% of Millennials and 51% of Generation Z werereadyto receive part of their salary in Bitcoin in November 2021. At the time, the primary cryptocurrency was trading at around $65,000 (quite close to its all-time high of almost $70,000).
Despite the bear market in 2022, the population did not lose interest in the asset class. An Alto survey from last summerrevealedthat 40% of US Millennials are HODLers. They also view crypto as a more attractive investment vehicle than mutual funds.
Additionally, 45% of Millennials and 46% of Gen Zconsideredinvest in digital assets as part of their retirement planning. According to the Charles Schwab survey, nearly half of participants have already jumped on the bandwagon outside of their 401(k) account.
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