A new report called “Millennials With Money” published in October 2018, by Edelman discussed some of the tendencies of the generation which included, among other things, there relatively open stance on cryptocurrencies and blockchain technology.
Millennials and their Role in the Crypto Economy
Millennials are the largest generation in the United States, constituting for over 25 percent of the United States population. They are the first “digital natives,” being born in a digital age, and have experienced both economic prosperity and uncertainty.
Because of these two factors alone, corporations within the financial industry (as well as crypto startups) should pay particular attention in attempts to capture one of the largest demographics that are predisposed to the sector.
With millennials, both embracing disruption and having a healthy appetite for risk makes them a perfect audience willing to try out new and innovative companies even within the crypto space.
The report shows that since their original report in 2016, sentiment towards using revolutionary and more tech-savvy financial solutions has become more accepting. Specifically, 61 percent of millennials use peer to peer payment apps, which would make the idea of cryptocurrencies easier to swallow.
A quarter surveyed already use or hold cryptocurrency, with 31 percent interested in using some kind of digital currency. An overwhelming majority of 74 percent agree that technological innovations like blockchain would make financial systems more secure.
Furthermore 75 to 77 percent agreed with statements like “the whole financial system is designed to favor the rich and powerful,” “I worry that the global financial system will be hacked,” and “It is just a matter of time before the bad behavior of the financial industry leads us into another global financial crisis.” Many of these ideologies align with the ethos of cryptocurrency, as well as what many digital currencies aim to prevent or fix through blockchain technology and other innovative protocols.
As time goes on, the trend is likely to continue with more millennials accepting and using cryptocurrency. As more prominent firms invest more into the industry, and investment vehicles for institutional traders expand their offerings, crypto’s horizon looks to be filled with growth.