A BanklessTimes study revealed that 67% of respondents between the ages of 27 and 42 consider Bitcoin to be a safe haven.
Previous surveys have shown that millennials are among the most active demographics in the cryptocurrency space and have a friendlier outlook than previous generations.
BTC emerges as a major asset for millennials
According According to Jonathan Merry, CEO of BanklessTimes, the top cryptocurrency is a vital investment tool for millennials, offering financial freedom and allowing them to diversify in times of economic uncertainty.
Those born between 1981 and 1996 are more open to digital innovations and more likely to deal with BTC than Generation X and Baby Boomers. Seniors remain predominantly conservative in sticking to fiat currencies and expressing skepticism towards the cryptocurrency sector.
Most of the millennials who participated in the survey believe that Bitcoin will go mainstream in the next few years. They also see it as a better monetary tool than the dollar, euro, or any other national currency.
The decentralized nature of the asset and the limited supply cap seem to be the most essential merits for the demographic group to classify it as a safe haven.
Staying out of the hands of central banks means Bitcoin is not subject to dubious monetary policies introduced by governments. Its maximum supply of 21 million coins led many to believe that it could serve as a hedge against inflation. The shortage could also increase the USD valuation 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 shuttered households and businesses. The measure, among other factors, caused record inflation in many countries. The rate in the US reached 9.1% in June last year, a four-decade high.
Millennials and their crypto affection
Another study conducted in 2021 presented that nearly 50% of millennial millionaires had invested at least a quarter of their wealth in cryptocurrency.
36% of millennials and 51% of Gen Z were willing to receive part of their salaries in bitcoin in November 2021. Back then, the main cryptocurrency was trading at around $65,000 (fairly close to the all-time high of nearly $70,000).
Despite the bear market in 2022, the demographic did not lose interest in the asset class. An Alto poll from last summer revealed that 40% of US millennials are HODLers. They also view cryptocurrencies as a more attractive investment tool than mutual funds.
Additionally, 45% of millennials and 46% of Gen Z contemplated Invest in digital assets as part of your retirement plans. According to the Charles Schwab survey, almost half of the participants have already jumped on the bandwagon outside of their 401(k) accounts.
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