The insane returns of volatile crypto asset bitcoin, has attracted the attention of many investors. Michelmores LLP, a law firm located in London, recently revealed that affluent millennials, born between 1981 and 1996, have shown a remarkable trust in bitcoin. Survey showed about about 20% i.e one-fifth of the total millennials, invested at least $31,000 in cryptocurrencies such as bitcoin.
As compared to responses recorded by the general public, millennials are almost 7 times more inclined to invest in cryptos. Only 3% person of the general public showed interest in the crypto asset class. Apart from this, another finding of the survey told that the percentage of millennials with over $93,000 worth crypto investments rose to 29%.
The survey also revealed that 70% of respondents considered salary and wages as reliable income sources, whereas only 40% of them admitted investment returns as an income source. Furthermore, it was revealed that 35% of millennials opted for investments preferred digital and electronic platforms, whereas 27% of millennials stated that they referred to social trading platforms.
Explaining the true essence of bitcoin, Alexey Ermakov, CEO and founder of Aximetria, told BlockPublisher:
Bitcoin is volatile like any other financial or derivative financial instrument, but it is still not without all those shortcomings in limiting productivity. Therefore, it is already finding use as an alternative to saving money in those countries where the national currency is more volatile than BTC, or as a means of transferring value when it comes to large cross-border transactions. Nevertheless, there is no way to stop the progress, as well as the development of bitcoin in all monetary qualities.
According to Caleb Chen, MSc in Digital Currency holder from the University of Nicosia, there are several prerequisites for bitcoin to surpass before becoming money. Chen told BlockPublisher:
The future of bitcoin is both as a store of value and a medium of exchange (and also as a unit of account). When those three things are attained, Bitcoin will have become money by the strict economic definition.
The latest stats conveying the perception of UK millennials show some great changes and developments as compared to the survey conducted by a UK exchange, several months ago. At that time, the survey showed that only 27% of residents of the UK wanted to see cryptos in more real-world applications. The research carried out by CEX.io, also revealed that 32% of the respondents were willing to see the integration of technology with everyday technology.
Although the primary aim behind conducting the survey was to explore the level of application and expectations of digital currencies in the U.K, it was revealed that most people invested in cryptos due to speculation. Upon enquiring, the reasons behind owning cryptocurrencies, 21% said that they were curious about crypto, 18% possessed crypto because they enjoyed trading, whereas 21% stated that they were waiting for the price surge. As locals were expecting profits from bitcoin, this shows that even back then a majority of UK locals accepted bitcoin as an investment.
Besides people interested in getting cryptocurrencies, the survey also enlightened respondents who didn’t own any cryptocurrency. At that time, when factors encouraging locals to own crypto were enquired, 28% said that if they understood cryptocurrencies more than they already do, they would buy some. About 7% needed the buying procedure to be easy before they could invest in cryptocurrencies, whereas 12% wanted to know methods for safely storing cryptos prior to investing.
Bitcoin was introduced to the world over a decade ago. The decentralized cryptocurrency utilizes blockchain technology to enable peer-to-peer payments without needing some supervisory authority. Although people believe that bitcoin has disrupted the financial world, generation X don’t find bitcoin a useful asset.
According to a survey conducted by Gold IRA Guide, it was millennials who are way more inclined towards cryptos than previous generations. This shows that bitcoin has been quite successful in grabbing the attention of millennials. Even confirmed by Michelmores LLP’s survey, the drive and essence of bitcoin are valued the most by British millennials.
Bitcoin reached its all-time high (ATH) in 2017 and then dropped sharply. Since then, bitcoin enthusiasts and investors are hoping for bitcoin price to surge again. Being a volatile asset class, bitcoin is capable of returning massive gains. But to disrupt the financial system of the world where banks and authorities controlls fiat, bitcoin needs to prove itself beyond speculation.
While millennials are finding bitcoin as more of an investment opportunity, the largest cryptocurrency of the world by market cap is continuing its journey against fiat. Only time will tell if bitcoin successfully attains the status of money or continues as an investment opportunity for the millennials.