Business & Finance

Survey: Millennials Trust Crypto Exchanges More Than Traditional Stock Exchanges

It is no secret that the entire crypto ecosystem is seen from a rather skeptic lens by a certain set of people. Turns out millennials are not amongst the crypto skeptics. On the contrary, apparently they place more trust in it as compared to the traditional financial ecosystem.

Recently the data collected in a new study from the investment platform eToro, regarding millennial investment attitudes, showed that roughly half of millennial traders have more trust in digital currency exchanges than they do in the United States (U.S.) stock market exchanges.

According to the report published on Feb. 19, 43 percent of the millennial online traders who were surveyed, showed less trust in the traditional stock market.

Furthermore, 93 percent of the surveyed individuals reportedly claimed that they would be more willing to invest in digital currency if traditional financial institutions proposed such an option. In addition, 71 percent of the millennials, who aren’t involved in the trading of cryptocurrency, said that they would consider beginning if conventional institutions were to offer this option.

According to the Managing Director of eToro U.S., Guy Hirsch, the dynamics of the market are now witnessing a generation shift in trust from traditional stock exchanges to digital currency ones.

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.

Hirsch further explained.

In the survey, 45 percent of the respondents showed interest in making cryptocurrency a part of their 401(k) retirement savings plans. Meanwhile, 74 percent of the surveyed digital currency traders said that they would like to receive that option from their 401(k) plan providers.

The research was conducted by Provoke Insights, which is a market research and strategy firm, on behalf of eToro last year in September. The company chose to survey 1,000 online investors between the ages 20 to 65. However the company does point out that the margin of error is around 3 percent in this.

Lets see if millennials manage to influence other crypto skeptics in this regard. For further updates stay tuned to BlockPublisher.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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