A study by BanklessTimes revealed that 67% of respondents between the ages of 27 and 42 consider bitcoin a haven.
Previous surveys have shown that millennials are among the most active demographics in the crypto space and have a friendlier outlook than older generations.
BTC is emerging as an important asset for millennials
According to Jonathan Merry – CEO of BanklessTimes – the underlying cryptocurrency is an important investment tool for millennials as it provides financial freedom and allows them to diversify in times of financial uncertainty.
Those born between 1981-1996 are more open to digital innovations and more likely to handle BTC than Generation X and Baby Boomers. Older individuals mostly remain conservative by holding on to fiat currencies and expressing their skepticism towards the cryptocurrency sector.
Most of the millennials who participated in the survey believe that Bitcoin will become mainstream in the following years. They also see it as a better monetary tool than the dollar, the euro, or any other national currency.
The decentralized nature of the resource and its limited supply cap seem to be the main advantages for the demographic to classify it as a haven.
Staying out of the reach of central banks means that bitcoin is not subject to questionable monetary policies imposed by governments. Its maximum supply of 21 million coins was ever there which led many to believe that it could act as a hedge against inflation. A shortage can also increase the US dollar valuation of the asset in the future if demand remains the same or increases.
On the other hand, many central banks printed huge sums of money during the coronavirus crisis to support closed households and businesses. This move, among other factors, led to a rise in inflation in many countries. The share in the US reached 9.1% last June, the highest level in four decades.
Millennials and their cryptic affection
Another study completed in 2021 show up That nearly 50% of millennial millionaires have invested at least a quarter of their wealth in cryptocurrency.
36% of Millennials and 51% of Generation Z were willing to receive a portion of their salary in bitcoin in November 2021. At the time, the underlying cryptocurrency was trading at around $65,000 (very close to a record high of around $70,000).
Despite the bear market in 2022, the demographic has not lost interest in the asset class. Just scanned from last summer open That 40% of millennials in America are collaborators. They also see crypto as a more attractive investment tool than mutual funds.
Additionally, 45% of Millennials and 46% of Generation Z. It is considered Investing in digital assets as part of their retirement plans. According to a Charles Schwab survey, nearly half of respondents have already jumped on the bandwagon out of their 401(k) accounts.
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