Another fresh survey has concluded that millennials and younger generations are continually gaining interest in Bitcoin (BTC) and cryptocurrencies while there is a growing distrust towards the post-2008 global financial structure.
According to a new eToro survey of 1000 online traders, 43 percent of millennial online traders place more trust in cryptocurrency exchanges than the United States stock market. On the flip side, the vast majority of Gen X respondents feel the opposite.
Millennials that trade crypto unsurprisingly have more trust in the nascent asset class than the stock market, but one-third of millennials that don’t trade cryptocurrencies responded that they also trust crypto over the stock market.
Guy Hirsch, Managing Director of eToro U.S., sees this as a clear “generation shift.” He stated via press release:
We’re seeing the beginning of a generational shift in trust from traditional stock exchanges to crypto exchanges. At the heart of this change are the asset classes themselves. Younger investors’ experience with the stock market has seen a great deal of loss of trust, with the fall of Lehman Brothers because of irresponsible practices followed by the worst recession since the Great Depression. Trust further eroded when Americans saw how hundreds of billions of dollars of taxpayers money are funneled to the largest financial institutions while their savings evaporated and how banks get free money through quantitative easing while their cost of living continued to rise.
When it’s all said and done, millennials are likely more tuned in to Bitcoin’s principles of decentralization, immutability, and trustless nature — none of which helps bad actors in the traditional financial space conduct corrupt financial practices off-the-books. Explains Hirsch:
Immutability is native to blockchains and that makes real-time audit to be sensible and cost-effective and that is why Millennials and Gen X perceive crypto exchanges as less likely to be subject to manipulation and less likely to be a place where bad actors get rewarded with taxpayer money. As more investors become educated on the benefits of blockchain we’ll continue to see this trend play out.
What do you think about millennials’ interest in Bitcoin and cryptocurrencies over the traditional stock market? Let us know your thoughts in the comments below!
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