How have millennials’ views on Bitcoin changed from 2017 to 2020?

2020-06-22 09:50:42

A recent survey shows that millennials have significantly improved their understanding of cryptocurrencies, and more and more people are willing to trust this asset class rather than traditional financial institutions and assets. (Note: Millennials are people born between the early 1980s and mid-1990s)

Cryptopotato pointed out that the study surveyed 5,000 participants in 17 countries, and the survey questions included Bitcoin, the current state of global finance, and people’s views on traditional financial institutions.

By comparing the data of this survey with several studies before 2017, the results show that the respondents' recognition of Bitcoin is increasing. For example, now nearly half of the respondents would rather buy Bitcoin with $1,000 than invest in traditional assets such as bonds, real estate and gold. This means that the number of respondents who are optimistic about Bitcoin has increased by 13% in the past three years. Last year, another report released by Charles Schwab also supported the above statement that Grayscale Bitcoin Trust (GBTC) is the fifth most used investment tool among millennials.

In terms of awareness of Bitcoin, the results from 2017 and 2020 show that respondents’ awareness of this emerging asset class has increased significantly, as shown in the figure below:

On the other hand, when asked whether Bitcoin is an innovation in financial technology, the respondents were somewhat hesitant in answering the question in 2017, but this time, most people strongly agree that Bitcoin has a positive impact. Interestingly, the respondents who hold this view are mainly millennial women and people over 65 years old.

Finally, when asked "Which is more trustworthy, Bitcoin or large banks", 47% of respondents said they trust Bitcoin more. This shows that the number of people who are more optimistic about Bitcoin has increased by 29% in the past three years.

According to cryptopotato, somewhat predictably, the largest increase was seen among millennials. Conversely, only 7% of respondents aged 65 and over expressed more trust in large banks, as this level "has remained largely unchanged since 2017." (Mars Finance)