Those who grew up with computers will undoubtedly be more at ease with digital solutions, and the same can be said about Millennials and Bitcoin.
It’s something you’ll see at holiday parties all throughout the world. When families gather together for a party, the parents and grandparents are always asking the younger visitors how to use their computer or smartphone.
There is a lot of cynicism about the future of blockchain and cryptocurrency technology among elder generations.
To create an opinion, you must first comprehend the technology. Then, and many elderly people lack the necessary understanding to comprehend a decentralized form of currency with a ledger that is verified across all users’ devices.
Millennials have a far better time grasping it, and as a result, they are more likely to understand it.
Cryptocurrency Knowledge Among Millennials
Millennials are far more knowledgeable about how to buy bitcoins and what a crypto wallet is than previous generations. While many adults are primarily interested in stock prices, younger generations are.
I’m keeping an eye on cryptocurrency pricing and attempting to figure out which ones are worth investing in.
YouGov, a polling firm, recently conducted a survey to better understand some of the trends in the industry. The survey emphasizes Millennials’ acceptance of technology, with 44% indicating they are comfortable with it.
It’s believed that cryptocurrency will become a somewhat’ or very’ widely accepted method of payment for goods and services that are legal. Only 29% of those aged 55 and up shared the same viewpoint.
Cryptocurrency and Fraud
One of the issues facing the bitcoin business is dispelling the perception that it is predominantly used for illegitimate or illicit purposes. This type of application has been drawn in the past due to the lack of a central authority. Which is, most notably the Silk Road bazaar debacle.
These factors contribute to older generations’ skepticism of technology. According to a YouGov research, roughly 25% of individuals believe crypto is commonly used for illicit purposes.
“Of those who feel that cryptocurrencies will become generally recognized, over one-third (36 percent) say they would be interested in changing to predominantly using a cryptocurrency rather than the U.S. dollar,” according to the YouGov survey.
However, the majority of people (57 percent) indicate they are not interested in changing their currency from the US dollar. Millennials are almost evenly divided between those who are interested (48%) and those who are not interested (48%) (50% ).
This demonstrates Millennials’ willingness to at least consider technology in the future.
Another important use of cryptocurrency that the younger generation sees is for retirement investing.
While traditional financial institutions are hesitant to invest in digital currency. That’s, many Millennials are already investing in crypto with an eye toward retirement.
As these younger generations mature, this trend will need the traditional finance sector to adopt technology.
In fact, millennials are five times more likely than baby boomers to believe that cryptocurrency is a solid long-term investment strategy.
BankRate Survey
According to a recent survey conducted by BankRate, 5% of Millennials believe bitcoin is the best place to keep money they won’t need for at least 10 years. Only 1.2 percent of Gen-Xers and less than 1% of boomers shared this sentiment.
Finally, the trends appear to indicate that Millennials are more skeptical of traditional finance and vice versa. It’s no surprise that younger people are lured to new means of investing, given that these mature financial markets are dominated by older, wealthier generations.
The volatility of the new cryptocurrency market appeals to youthful investors who are willing to take a risk.
However, if you are a wise crypto investor, the potential upside can be enormous.
The TechGen Millennials
In the end, it is the tech-savvy Millennials who design the blockchain architecture. The generation includes many CEOs, system engineers, programmers, and industry influencers.
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