According to a BanklessTimes study, 67% of respondents aged 27-42 view Bitcoin as a safe haven.
Previous polls have shown that millennials are among the most active in the cryptocurrency space and have friendlier views than previous generations.
Bitcoin Becomes an Important Asset for Millennials
According to BanklessTimes CEO Jonathan Merry, the leading cryptocurrency by market capitalization is an important investment tool for millennials as it provides financial freedom and allows them to diversify during uncertain economic times.
Those born between 1981 and 1996 are more open to digital innovation and more likely to interact with BTC than Gen X and Baby Boomers. The elders, who remain largely conservative and stick to fiat currencies, are skeptical of the cryptocurrency space.
The majority of millennials who participated in the survey believe that Bitcoin will go mainstream in the next few years. They also consider it a better monetary tool than the dollar, euro or any other national currency.
The decentralized nature and limited supply of the asset appear to be the most fundamental values that classify it as a safe haven for this demographic.
Being out of the control of a central bank means that Bitcoin is not subject to questionable monetary policies of governments. The maximum supply of 21 million coins has led many to believe it can serve as a hedge against inflation. Scarcity also increases the dollar valuation of an asset in the future if demand remains the same or increases.
On the other hand, many central banks have printed large amounts of money to support failing households and businesses during the COVID-19 crisis. Among other factors, the move fueled record inflation in many countries. In June last year, US interest rates hit 9.1%, the highest level in 40 years.
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Millennials and Crypto Psychology
Another study conducted in 2021 found that nearly 50% of millennial millionaires have invested at least a quarter of their wealth in cryptocurrencies.
36% of Millennials and 51% of Gen Z are prepared to receive part of their wages in Bitcoin by November 2021. At the time, the cryptocurrency was trading at around $65,000 (very close to its all-time high of around $70,000).
Despite the bear market in 2022, people have not lost interest in emerging asset classes.one poll Alto revealed last summer that 40 percent of American millennials are hodlers. They also see cryptocurrencies as a more attractive investment vehicle than mutual funds.
Additionally, 45% of Millennials and 46% of Gen Z plan to invest in digital assets in their retirement plans.according to poll Nearly half of the participants in the Charles Schwab survey jumped into pools outside of their 401(k) accounts.
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