27 Percent Of Millennials Would Rather Own Bitcoin Than Stock

Written by Dana Sanchez
Rather Own Bitcoin Than Stock

Millennials would rather own Bitcoin than other age groups and this demographic is key to the growth potential of the cryptocurrency over the next five years. 

Millennials are savvy consumers of technology, but the big banks have done a terrible job of building products for them, according to the maker of a personal finance app for millennials.

The percentage of people age 18-34 who describe themselves as at least “somewhat familiar” with Bitcoin rose from 42 percent to 60 percent in 16 months, according to new Harris Poll. The poll was conducted on behalf of Blockchain Capital, a Silicon Valley-based venture capital firm focused on blockchain technology and the crypto ecosystem, Forbes reported.

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Blockchain Capital commissioned a survey in 2017 during a bull market  when Bitcoin was up more than 800 percent year-on-year. The most recent survey in April 2019 was conducted in a bear market. Blockchain’s price was down about 75 percent from an all-time high.

“Despite the bear market, the data shows that Bitcoin awareness, familiarity, perception, conviction, propensity to purchase and ownership all increased/improved significantly — dramatically in many cases,” Blockchain Capital partner Spencer Bogart wrote in a blog. “The results highlight that Bitcoin is a demographic mega-trend led by younger age groups.”

Among millennials, the percentage of people who think that bitcoin is a positive innovation in financial technology rose 9 percent — the most of any age group.

Millennials also agree more than other age groups that most people will be using Bitcoin in the next 10 years. And millennials outdid other age groups in saying they’re likely to buy Bitcoin in the next five years.

They’d rather own Bitcoin

Here’s more on how much millennials like bitcoin:

  • 30 percent said they would prefer Bitcoin to government bonds.
  • 27 percent said they would prefer Bitcoin to stocks.
  • 24 percent said they would prefer Bitcoin to real estate.
  • 22 percent said they would prefer Bitcoin to gold.