A survey commissioned by eToro shows a promising future for Bitcoin as Millennials prefer crypto to traditional financial markets.

One thing that is constant over the years is that the young are much more willing to embrace new things. This can be seen in music and especially in technology. While naysayers continue to rain FUD on Bitcoin and other cryptocurrencies, it appears that younger generations are far more likely to embrace virtual currencies, which bodes well for greater adoption in the future. A new survey commissioned by eToro bears this out.

Bitcoin Survey Says…

The global investment platform, eToro, commissioned Provoke Insights to do a survey of 1,000 online investors in cryptocurrency. Their findings show a similar result to other surveys conducted in the past.

The survey found that a full 43 percent of Millennial online investors have more faith in crypto exchanges than they do in the traditional stock market. When it comes to cryptocurrency itself versus the stock market, a staggering two-thirds of Millennial crypto traders have more faith in crypto. By contrast, 77 percent of Generation X traders have more faith in the stock market than they do in exchanges.

The managing director of eToro U.S., Guy Hirsch, notes this generational outlook, saying:

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. 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.

Adoption Greater If Promoted by Traditional Institutions

It should be noted that the Bitcoin survey does not mean that Millennials despite traditional financial institutions. One result of the survey shows that a whopping 93 percent of Millennial traders would put even more money into cryptocurrencies if they were offered by traditional firms like TD Ameritrade or Charles Schwab.

Another interesting fact is that 71 percent of Millennials that don’t currently trade crypto would do so if traditional financial institutions offered them. Guy Hirsch notes:

While both crypto enthusiasts and millennials alike seem to distrust monolithic institutions like traditional exchanges and the largest investment banks that play in them, there’s a great deal of demand from younger investors for offerings from firms that are more recognizable, aren’t perceived to be bad actors and have an infrastructure that can provide personalized and tailored advice.

Another point for greater future adoption of Bitcoin and other cryptocurrencies is that half of the traders surveyed said that they would like the ability to include cryptocurrencies in their 401k plans.

The net result of this survey is that Millennials are keen on adopting cryptocurrencies and making them a pillar of their financial portfolio. This adoption would be enhanced if traditional financial institutions would offer crypto services, which is starting to happen. Recently, JP Morgan announced the launch of their own stablecoin, the JPM Coin.

As more and more Millennials enter the workforce, their enthusiasm for cryptocurrency will lead to greater adoption. The old guard of financial firms will want to stake their claim to the wealth accumulated by Millennials over their working life, so more of them will offer the services, namely crypto, that Millennials are looking for. Overall, the future looks pretty good for Bitcoin.

What do you think about this survey by eToro? Let us know in the comments below.

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