A growing amount of recent research suggests that the overall increase in society’s acceptance of the technology is exponential and is concentrated among the youngest cohort of the population.
How much younger know about cryptocurrency?
If you’ve been to cryptocurrency conventions or meetups, you’ll be aware that this is a young people’s movement. Unlike the blockchain technology movement, which seems to attract a broader range of followers (many of whom work in the corporate sector), the advent of cryptocurrency appears to be a young person’s revolution.
Paxful, the online bitcoin marketplace, commissioned the latest survey of U.S. Millennials (aged 22 to 42) and Gen Zers (18 to 21), parsing their attitudes and experiences with cryptocurrencies.
Between August 14 and 19, 2019, members of these generations who had at least some knowledge of cryptocurrency were surveyed. The results revealed that 98.4 percent of respondents in this age group were familiar with Bitcoin, 77.4 percent with Ethereum, 71.6 percent with Litecoin and 47.6 percent with Ripple.
Perhaps even more surprising were the results of a recent investment report from U.K. law firm, Michelmores. This report examined recent investment decisions of millennial investors in the U.K., arguably a relatively conservative group of young people.
The research shows that traditional forms of investment continue to be popular with most affluent young people: They invest in shares (37 percent), pensions or annuities (37 percent) and stocks (35 percent). Nevertheless, a surprising 20 percent have also invested in cryptocurrencies.
“Near Mainstream Acceptance”
Among the findings, the survey shows that these generations of adopters are not completely optimistic that cryptocurrency will replace traditional banking, with 43.6 percent responding that “yes, cryptocurrency is valid now” but only 26.4 percent agreeing that cryptocurrencies will be a valid alternative in the future.
While cryptocurrencies are widely accepted, the survey showed that respondents saw a lack of trust and volatility as preventing them from becoming fully mainstream.
Asked about barriers to further acceptance, the most common answer was “lack of trust” at 37.14 percent, followed by lack of interest at 28.57 percent, volatility at 25.71 percent, lack of understanding at 14.29 percent and regulation at 14.29 percent.
The data also shows that females have a greater lack of knowledge and are more distrustful of cryptocurrencies, citing regulation and volatility as their concerns more often than males did.
While most respondents said that they associate cryptocurrency with money, Millennials and Gen Z respondents also associated cryptocurrency closely with globalization (67 percent) and peer-to-peer interactions (44.2 percent).
“More than half of respondents have purchased crypto in the past six months, a great sign for the continuous adoption of crypto,” according to the announcement. “With greater understanding, crypto has great promise of becoming more mainstream.”
With apparent enthusiasm for cryptocurrencies already and indication that this is only growing, Paxful’s study indicates that this technology is integral for young adults in the U.S. This is, of course, good news for a service provider such as itself.
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