Can millennials be the driving adoption force of the blockchain technology and cryptocurrencies? The short answer is, probably yes. Even if we don’t see relevant graphs it is accurate to believe that young people are handling technology better. Since this generation born into a society where the internet and technology were already part of it, they feel more conformable using them in comparison to old people.
On the graph pie above(1) we can see the Bitcoin community engagement by age. As we can see 9.48% from age 18-24 and 47.7% from age 25-34 are engaging Bitcoin community meaning, they are interested in it. Now if we sum up the percentages of those 2 age categories and consider them of one category, let’s say “young people category” the percentage is 57.18%. So “young people category” surpasses all the other categories combined!
Millennials in 10 years
So what will happen in 10 years? If we assume that the same people who are interested in Bitcoin today, will still be interested 10 years from now, it means today’s “young people” are the ones who will dominate the next two age categories which are 35-44 and 45-54 and together sum up to 38.16% today.
Those people will be dads and moms and will have children who will populate the next “millennials” category. If this assumption is correct we can expect a rise in adoption of bitcoin and cryptocurrencies the following years starting from 2020.
27% of Millennials prefer Cryptos over Stocks
A survey conducted by Blockchain Capital showed that millennials would prefer 1000$ in Bitcoin over 1000$ in stocks. An even more striking result was that 27% of millennials have more thrust in Bitcoin than big banks (2). This trend may be the result of the 2008 world economical crisis, as millennials are blaming large banks and financial institutions for the irresponsible trading practices they used.
It appears, that major financial institutions and banks are losing their credibility towards young people. It is only natural that this would happen. After the Bitcoin release in 2009 people have more options on how they want to store their wealth, compared to the only option that existed before and that was the banks.