According to a new study conducted by research service YouGov Omnibus, half of American millennials are more interested in using cryptocurrencies instead of the US dollar. This survey accumulated answers from 1202 respondents between the 29th and 30th of August 2018. The largest cryptocurrency, Bitcoin, dominates the market, accounting for 54.8% of the total market capitalization. Though other cryptocurrencies are enjoying success, Bitcoin remains the most popular digital asset, particularly for the millennials. The online survey revealed that 79% of Americans are acquainted with at least one cryptocurrency. 71% of respondents said that they have heard of Bitcoin and 13% of respondents are aware of Ethereum.
However, 87% of respondents who have heard of Bitcoin never interacted with it. Again, 49% of respondents are happy that they hadn’t bought the leading crypto previously and further said they don’t intend to. 15% wishes that they had purchased Bitcoin already and think that now is too late to enter the market. Among the participants who joined the survey, 34% of respondents don’t assume that crypto will turn out to be hugely accepted, even though millennials confirmed the optimistic approach to cryptocurrencies. According to the authors of the test, skepticism towards crypto acceptance might be associated with the probable utilization of crypto for unlawful purposes.
In June, research company Ipsos conducted a study that discovered that curiosity about crypto is assumed to double in the coming years. This survey included respondents from fifteen nations. According to the study, only 9% of respondents possessed crypto, 25% stated that they would own some shortly, 66% of Europeans are well acquainted with cryptocurrency, and 35% agreed that crypto is considered the future of spending on the internet. The numbers also show that more and more people generate revenue from crypto by using Bitcoin Trader and other crypto trading platforms.
It shouldn’t come as a surprise if more traders become more active in the coming months as new studies show that crypto trading revenue will continue to increase. According to Sanford C. Bernstein & Co., cryptocurrency exchanges are set to double their profits, reaching $4 billion by the end of the year. Institutional investors may also be gearing up to reach deep into their pockets and invest their money in cryptocurrencies. Despite the recent Bitcoin ETF rejections, many believe that institutional money will find a way to enter the market, possibly causing an immense rise in the prices of Bitcoin and other digital assets.
For millennial investors, cryptocurrency trading is their first attempt at creating an investment portfolio. Some experts argue that it isn’t the best way to start investing given the extreme volatility of the market. But the millennials themselves are eager to learn the market and more importantly, support the growth of cryptocurrencies and blockchain technology. It appears that the younger generations will spearhead the widespread use of crypto in the future, and it’s interesting to see whether more millennials will join the trend despite millions of other traders refusing to invest their money because of the falling crypto prices.
