By Posted by rescuemission and Community Contributor
Mar 28, 2019 | 6:42 PM
Over the past few months, there are have been numerous articles reporting that millennials are among the groups most interested in cryptocurrency. According to a Feb 2019 survey from investment platform eToro, "43% of millennial respondents said they trusted cryptocurrency exchanges more than U.S. stock exchanges." (There were 1,000 total respondents in the survey, ranging from the ages of 20-65). When so many others are predicting doom for crypto, why are millennials bucking the trend and seeing a bright future for digital currency? Is it the excitement of the "Wild West" un-regulated nature of the digital currency financial markets that appeal to millennials? Is it a distrust of Wall Street's financial instruments resulting from the devastation caused by the Great Recession of 2008?
Paul Gujral , CEO of Snowball , has mentioned it several times in his interviews and public meetings. He says that millennials are far more interested to invest in cryptocurrency assets. According to a survey conducted by the company, 85% of Snowball users are young people between the ages of 18 to 29 and a great majority of them are students. Paul Chou, co-founder, and CEO of LedgerX, also shared the same views when asked about the emergence of millennials as the biggest players in the world of crypto. He further added that millennials have done really well in recent years and they can be considered as institutional rather than retail investors in the coming years.
Many explanations, including those above, are cited as reasons for why millennials are intrigued by crypto. Jonathan Jadali is a 22-year-old crypto millionaire who invested early in Bitcoin and earned a huge profit when he sold off his crypto assets. In addition to attending Chapman University in CA, he is a self-employed stock trader and social media "influencer". His recognized expertise in investing has caused his Instagram page to jump to over 80K followers. Jadali says millennials such as himself are attracted to the convenience and ease of crypto. "Cryptocurrency will be the future because people my age will find it much easier to complete financial transactions for their day-to-day activities. We are already seeing this effect. How many people no longer carry cash? Most of my friends no longer carry it. Everything today is paid with credit/debit cards. Before long you will not even need a card. All you will need to do is swipe your phone and digital currency is ideal for that."
Numerous research studies have shown that millennials don't trust traditional banking system mainly because of the pressure from the banks providing student loans after graduating. Research conducted by Harvard University revealed that only 14% of millennials believe that Wall Street is sincerely working for its customers. This distrust can lead to a further increase in the number of millennials investing in cryptocurrencies. Millennials are growing up with a passage of time as now they are targeting the companies that can give them what they need.
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