Millennials Interested in Crypto
A new survey from Sustany Capital, obtained by BlockTelegraph, found that millennials have an “overwhelming” level of confidence in the future of cryptocurrency. The study was organized amidst the hype surrounding crypto, particularly the numerous stories of early investors getting rich.
After surveying 1,000 adults in the United States, 88 percent of millennials felt that crypto is a good investment and wanted to purchase it for that reason. 42 percent indicated wanting to use crypto for savings. When asked about the applications of blockchain technology that are most relevant, 75 percent of millennials selected banking and finance.
Those figures are not the only takeaways in terms of crypto investment. More than three-quarters of respondents from every generation believed that buying crypto is a type of financial investment, although the same amount had concerns about security. This is particularly noteworthy considering the skepticism about the long-term value of crypto.
Sustany Capital also divided portions of the results up by respondents who have invested in crypto and those who haven’t. 75 percent of those who have purchased it did so due to the possibility of high profits. Among those who haven’t invested in it, more than half said “they did not know enough about it yet.”
How (and Where) Millennials are Investing
Of all the barriers to investment, lack of government regulation had the smallest impact. This was the reason for choosing not to invest for 23 percent of baby boomers, 21 percent of millennials, 20 percent of Gen X, and 9 percent of Gen Z. Income gap was a factor when it came to views on regulation. When asked whether they would consider a cryptocurrency investment once more government regulation is in place, 39 percent of those with an annual income of more than $100,000 said yes, while only 19 percent of those making less than $50,000 said yes.
Another section of the survey was dedicated to what factors crypto investors consider before contributing to an ICO. This led to a significant divide; millennials and Gen Zers overwhelmingly believed the underlying technology is most important (44 and 59 percent, respectively). But only a third of Gen Xers and a fourth of baby boomers marked this as the most important factor.
Instead, slightly more than a third of Gen Xers felt the mission or purpose of the project is most important. By comparison, just 12 percent of millennials and 6 percent of Gen Z agreed. For baby boomers, over half believed the team was the most crucial aspect, compared to 13 percent of millennials and 6 percent of Gen Z.
Almost every respondent in the Sustany Capital study had indeed heard of crypto, but nearly a quarter of respondents weren’t aware of blockchain technology. When discussing reasons to own crypto, just 11 percent of millennials and 6 percent of Gen Zers cited the ability to buy items domestically. By comparison, this figure was 24 percent for Gen X and 32 percent for baby boomers. Finally, 33 percent of the respondents had begun crypto investments by 2016 or earlier.
It’s not only millennials who see a bright future for blockchain, but they’re definitely the most optimistic about it.