Two-thirds of Millennials see Bitcoin as a safe haven (survey)
A study by BanklessTimes revealed that 67% of respondents aged 27-42 consider bitcoin a safe haven.
Previous polls have shown that millennials are among the most active demographics in the cryptocurrency space and have a friendlier view than older generations.
BTC is emerging as an important resource for Millennials
According to Jonathan Merry – CEO of BanklessTimes – the primary cryptocurrency is an important investment vehicle for millennials as it provides financial freedom and allows them to diversify in times of economic uncertainty.
Those born between 1981-1996 are more open to digital innovations and are more likely to handle BTC than Generation X and Baby Boomers. Older individuals remain predominantly conservative by sticking to fiat currencies and expressing skepticism about the crypto sector.
Most millennials who participated in the survey believe bitcoin will become mainstream in the following years. They also see it as a better monetary tool than the dollar, euro or other national currency.
The asset’s decentralized nature and limited supply caps appear to be the key advantages for the demographic to classify it as a safe haven.
Staying outside the reach of central banks means that bitcoin is not subject to questionable monetary policies imposed by governments. The maximum supply of 21 million coins that has ever existed led many to believe that it could serve as a hedge against inflation. The scarcity may also increase the USD value of the asset in the future if demand remains the same or increases.
On the other hand, several central banks printed colossal amounts of money during the COVID-19 crisis to support households and closed businesses. The move, among other factors, led to record inflation in many countries. The rate in the US reached 9.1% last June, a four-decade high.
Millennials and their crypto devotion
Another study conducted in 2021 knew that nearly 50% of millennial millionaires had invested at least a quarter of their wealth in cryptocurrencies.
36% of millennials and 51% of Generation Z were willing to receive part of their salaries in bitcoin in November 2021. At the time, the primary cryptocurrency was trading at around $65,000 (quite close to its all-time high of almost $70K).
Despite the bear market of 2022, the demographic did not lose interest in the asset class. An Alto survey from last summer revealed that 40% of American millennials are HODLers. They also see crypto as a more appealing investment tool than mutual funds.
Additionally, 45% of millennials and 46% of Gen Z have considered invest in digital assets as part of their pension plans. According to Charles Schwab’s survey, nearly half of participants have already jumped on the bandwagon outside of their 401(k) accounts.
