Millennials confident of bright crypto future, says new study
Newport Beach, California-based blockchain-focused investment firm Sustany Capital has announced the results of a cryptocurrency survey it conducted of 1,000 U.S. adults belonging to millennial, X, baby boomer and Z generations and familiar with digital currency to learn about perceptions and sentiments. According to the study, millennials are confident of crypto’s bright future.
A staggering 88 percent of the millennials said they want to buy digital currency because it is a good investment, said a press release CoinReport received from FortyThree, Sustany’s PR firm, adding that 42 percent said they wish to use it as savings.
Moreover, three-quarters of all respondents said they believe finance and banking is the most pertinent application of blockchain technology.
Despite doubt over the long-term legitimacy of digital currency’s value, more than three-quarters of all respondents said they see buying digital currency as a financial investment. The same number said they are concerned about cryptocurrency’s security.
Three-quarters of the respondents who had invested in digital currency said they wished high profits with their investments. Those who hadn’t bought digital currency stated that their reasons center around knowledge, with more than half saying they do not know enough about it yet.
Lack of government regulation was the least significant barrier to investment, with 23 percent of baby boomers, 21 percent of millennials, 20 percent of Gen X and just 9 percent of Gen Z considering it an obstacle.
The generations are markedly divided over the most important criteria whether to contribute to an ICO.
50 percent of Gen Z and 44 percent of millennials reason that technology is the most important element, while only one-third of Gen X and one-fourth of baby boomers think that. A little more than one-third of Gen X are of the opinion that the purpose or mission of the project is the most important ICO factor, while just 12 percent of millennials and only 6 percent of Gen Z share that opinion. 50 percent of baby boomers are sure it’s the team behind the ICO that is most important, while 13 percent of millennials and just 6 percent of Gen Z are of the same mind.
All respondents had understandably heard of digital currency, but about one quarter said they did not know what the underlying blockchain technology is.
Other interesting findings of the survey include:
- Over twice (39 percent) of the people whose income is more than $100,000 per year said they would think about investing in digital currency when there is more government regulation compared to those with under $50k/year income ($19 percent).
- Just 6 percent of Gen Z and 11 percent of millennials wish to own digital currency to buy items domestically, compared to 32 percent of baby boomers and 24 percent of Gen X (three times the number of the former two generations).
- 33 percent of the respondents began investing in digital currency in 2016 or earlier.
Edit/Correction: Per the slightly revised press release, the sixth paragraph above has been updated to state that the lack of government regulation was the least significant barrier to investment for the generations. The previous version of the sixth paragraph reported, per the previous version of the press release, that the lack of government was a significant barrier to investment for the generations. The error is still regretted.
Images – Courtesy of Sustany Capital via PR firm FortyThree