A Survey By eToro Shows That Millennials Trust Bitcoin (BTC) More Than the Stock Market

Since its emergence into the tech space, Bitcoin (BTC) has grabbed the attention of many. A lot of firms, businesses, investors, and traders are now looking in the direction of this digital currency. The emergence of Bitcoin (BTC) has resulted in the creation of other digital currencies, known as altcoins. Bitcoin (BTC) has been gaining traction over the years, and many now see the digital currency as a digital gold or store of value.

Millennials Are Continually Gaining Interest in Bitcoin (BTC)

A recent survey carried out by eToro – a very popular digital currency trading platform – reveals that millennials and younger generations are continually gaining interest in Bitcoin (BTC) and digital currencies while they have less trust towards the post-2008 global financial structure.

One thousand online traders responded to the survey. According to the result of the survey, 43% of millennial online traders said they have more trust in digital currency trading platforms than the traditional U.S. stock market. On the contrary, a greater percentage of Generation X respondents feel the opposite, as they have more trust in the traditional stock market than digital currency trading platforms.

Millennials that buy, sell, and invest in digital currency unsurprisingly have more trust in the evolving asset class than the United States stock market. But about 63% percent of millennials that do not trade digital currencies responded that they also digital currencies more than the stock market.

The managing director of eToro US – Guy Hirsch – said this is a clear ‘generation shift.’ In a press release, the Managing Director said: “We are seeing the beginning of a generational shift in trust from traditional stock exchanges to digital currency trading platform. At the heart of this change are the asset classes themselves.

The experience of younger investors with the stock market has seen a great deal of loss of trust, with the fall of Lehman Brothers because of irresponsible practices accompanied by the worst recession since the Great Depression. Trust further eroded when Americans saw how hundreds of billions of dollars of taxpayers’ money are funneled to the largest financial institutions while their savings evaporated and how banks get free fund via quantitative easing while their cost of living continued to rise.”

When it is all said and done, Hirsch said millennials are likely attracted to the trustless, immutability, and decentralized nature of Bitcoin (BTC). All these attributed gives no room for bad actors to carry out corrupt financial practices.

The MD further explains that: “Immutability is native to blockchain, and it makes real-time audit to be cost-effective and sensible, and that is why millennials and Generation X perceived digital currency trading platforms as less likely to be subject to manipulation and less likely to be a place where bad actors get rewarded with the money of taxpayers. As more investors continue to gain knowledge about the benefits of the blockchain, we will continue to see this trend play out.”

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$8,018.00
2.37%

At the time of writing, Bitcoin (BTC) is trading at $4,021 after a decrease of about one percent over the past twenty-four hours. The current market cap of the digital currency is $69.26 billion and its trading volume over the past twenty-four hours is $6.94 billion.

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