When given a choice between USD1,000 worth of Bitcoin and USD1,000 worth of a traditional financial asset, 27 per cent of millennials chose Bitcoin over an equivalent amount of stocks, 30 per cent chose Bitcoin over government bonds, 22 per cent chose Bitcoin over real estate, and 19 per cent chose Bitcoin over gold.
That’s according to a survey by venture capital firm Blockchain Capital which suggests that as Bitcoin adoption grows and millennials consider purchasing decisions, financial institutions may be wise to offer these assets and services in order to attract and retain millennial customers.
The survey, which was conducted online by Harris Poll among over 2,000 American adults aged 18+ during October of 2017, also found:
Thirty per cent of Americans are at least somewhat familiar with Bitcoin. Bitcoin awareness is significantly higher among younger demographics: 42 per cent of millennials described themselves as at least somewhat familiar with Bitcoin versus just 15 per cent for those ages 65+.
Millennials, particularly men, may to turn to Bitcoin as a replacement for traditional assets. Thirty per cent of millennials would rather own USD1,000 worth of Bitcoin than USD1,000 worth of government bonds (43 per cent of male millennials vs. 21 per cent of millennial women)
Twenty seven per cent of millennials would rather own USD1,000 worth of Bitcoin than USD1,000 worth of stocks (38 per cent of male millennials vs. 19 per cent of millennial women). Twenty two per cent of millennials would rather own USD1,000 worth of Bitcoin than USD1,000 worth of real estate (26 per cent of male millennials and 19 per cent of millennial women)
Nineteen per cent of millennials would rather own USD1,000 worth of Bitcoin than USD1,000 worth of gold (31 per cent of male millennials vs. 10 per cent of millennial women)
Two per cent of Americans own or have owned bitcoin, indicating Bitcoin is still in very early stages of adoption. However, adoption is significantly greater among millennials—four per cent of whom own or have owned Bitcoin (6 per cent among male millennials).
While current adoption is relatively low, propensity to purchase is notably higher than current rates of ownership: Nearly one-in-five Americans (19 per cent) indicate it’s likely they’ll buy Bitcoin in the next five years. The figure is even higher for millennials—32 per cent of whom say it is likely they will buy Bitcoin in the next five years (including 42 per cent among male millennials).
Over half of millennials (52 per cent) agree with the statement that Bitcoin is a positive innovation in financial technology.
When given the choice between Bitcoin and big banks, more than a quarter of millennials (27 per cent) cited Bitcoin as being more trustworthy than banks, including 37 per cent of millennial men.
“The results of the survey reinforce our conviction in the massive opportunity that lies ahead for Bitcoin,” says Spencer Bogart, managing director with Blockchain Capital. “This is why now, more than ever, we’re excited to continue executing on our mission to invest in the entrepreneurs and developers that are turning this vision into reality.”
