Feb 16, 2019 22:30 UTC
Feb 16, 2019 at 22:30 UTC
Cryptocurrency adoption by the millennial generation is to a great extent observed as a negative sign by numerous experts for traditional banking since increasingly more of this generation get a blurred vision of the current financial system.
The general consensus on this matter is that millennials don’t really trust the banking system.
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The Research on Millennial Generation
There was research conducted in 2018 by the international, research and analytics firm, Edelman Intelligence, that showed that 77% of the prosperous millennials see existing banking system as it is design in favor of the rich and powerful, rather than the working class.
The conducted research also shows that the lack of trust prompted the same nearly ⅘ respondents to predict that another international financial crisis was just around the corner owing to the bad behaviour of the existing banking system.
75% of the respondents were concerned about the global financial system in that it was at the risk of getting hacked, causing the respondents concern about the potential loss of their own private financial information.
With that said, this generation has put their faith somewhere else. As the recent figures implies that around 17% of millennials own digital currency.
As indicated by Edelman’s study and research, nearly a quarter of wealthy millennials own virtual currencies another 31% are interested in crypto and a huge 74% put their trust in blockchain technology as a much safer system than the global financial space is currently able to offer.
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Another Survey On The Matter
In a separate survey, Sustany Capital, the blockchain venture fund, showed that just under 90% of the respondents want to invest in cryptocurrency and 42% would like to use cryptocurrency as savings.
BitconNews reports –
“The switch from conventional banking becomes more feasible for many given more education, with another survey revealing that 97% of surveyed millennials and generation X’ers said they would like to learn more about the workings of cryptocurrency. Many felt that they would be more likely to invest with financial advice demonstrating a potential professional gap in the market.”
With the millennial generation searching for a new way to conduct their finances in a sense where they can help themselves rather than simply feeding the banking institution profits, cryptocurrency is getting a much more serious entity than it was ten year back when it was seen as a gamble.
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