According to a recent survey by Blockchain Capital, 1 out 3 Millennials would rather invest in Bitcoin than traditional stocks.
Is the Stock Market Old-School for Millennials?
Most millennials nowadays aren’t thinking about financial investments and savings yet. The stock market might not be the most popular topic for millennials, but social media apps like Snapchat and Instagram are. Data shows millennials aren’t investing as much in stocks and bonds like baby boomers do.
A recent article in Barron’s states that most millennials prefer cash over stocks as investments. Experts are blaming this phenomenon on the famous dot-com bubble and the big stock market crash of 2008. Apparently, these major events are the reason why millennials aren’t trusting the stock market as their parents did. Stocks may seem too risky for most millennials, but some think that Bitcoin might be an alternative investment form for them.
Bitcoin over Stocks
Bitcoin has drawn a lot of attention over this year. Recently, the digital currency hit a new all-time high price of $7751 and a total market cap valuation of over $129 billion. As Bitcoin is rapidly growing, more and more traditional investors are looking to invest into the cryptocurrency. Some of these investors include young millennials.
According to a new survey done by noted Bitcoin venture capital firm, Blockchain Capital, 27% of the questioned millennials would rather own $1,000 worth of Bitcoin than stocks. These results might not be as surprising as it seems since Bitcoin has outperformed every other future, commodity or stock this year. The survey also showed that 42% of the questioned millennials are familiar with Bitcoin, and 15% of people over 65 were somewhat familiar with Bitcoin and cryptocurrencies.
A security called Bitcoin Investment Fund, that is tracking the bitcoin price, has already risen this year by as much as 661%. Experts believe that as Bitcoin ETFs officially become available, more and more people will start investing in the digital currency.
What are your thoughts on millennials stance about the stock market and bitcoin? Do you think that more millennials will invest in Bitcoin in the future? Let us know in the comments below!
Images courtesy of Pixabay
The Rundown
