Millennials, those aged between 18-34, would invest in Bitcoin if the next option is traditional stocks. The findings have been made after a behavioral study by Harris Poll working for Blockchain Capital.
The findings of the survey by Harris Poll are also in agreement to an earlier report by Adamant Capital research team. The Adamant Capital study reveals that the millennial demographic group is the deciding factor for mass adoption of Bitcoin in the next five years.
Further, the Adamant Capital study forecasts that BTC was in its final stage of bear run and a breakout was said to be imminent at that point. The forecast has since materialized and BTC has broken out of the $5,200 initial level of support and is headed to $6,100-$6, 200.
Bitcoin Popularity Is On The Rise
The Harris poll reveals an interesting trend about Bitcoins and millennials preferences when it comes to investment.
Firstly, there is an increase in awareness of Bitcoin in this age group. This is probably due to an increase in the number of Crypto exchanges that are aggressively marketing their products among other factors.
Secondly, the poll shows that the propensity to purchase Bitcoin is higher among millennials. The reason behind the preference is that traditional stocks are affected by the increasingly unstable economic environments that are often unforeseen and concealed from investors by the board of directors in companies.
Additionally, it is now easier to buy BTC because of the easing of access to Crypto exchanges and wallets. Further, security is improving and governments are enacting policies to guide the ‘wild west’ Crypto market.
Findings Of The Poll
The percentage of people who are yet to hear about Bitcoin has plummeted to 11% from 23%.
Secondly, 60% of millennials indicate that they are “somewhat familiar” with Bitcoin, up from 42%.
Thirdly, positive view of Bitcoin among the respondents is almost half at 43% having surged from 34%.
Fourthly, 33% believe that most people will be using BTC to pay for goods and services in a decade up from 28%.
Another finding is that 27% of the respondents are planning to buy BTC in the next 5 years which is a growth from 19%.
Details About The Survey
Harris poll had a sample size of 2,000 from across the United States. The dates of the exercise were between April 23 to 25 and the respondents were millennials (18-34 y/o).
2019 Conditions Reflect October 2017 Crypto Market Sentiments
According to Blockchain Capital’s Spencer Bogart, there is a striking resemblance between the present time and the October 2017 sentiments in the Cryptocurrency market. In a blog post, Spencer notes that in October 2017, there was a Cryptocurrency hysteria in the market that had been triggered by the bubble in ICOs. At this time, Blockchain startups were getting millions of dollars in crowdfunding rounds and everyone was interested in the market.
This led to the famous bull cycle that took the world by a storm resulting in Bitcoin hitting an all-time high of $20,000 in early 2018. Market indicators show that history could be repeating itself.