Millennials are hard to please and they do not offer out their trust to just anyone or anything. They do not trust the big banks or stock markets. They demand answers from advertisements, Wall Street, Parliament and definitely news outlets. But they do trust Crypto.
In a latest survey carried out by eToro, a leading global investment platform, they found that 66 per cent of millennial online traders trust crypto exchanges more than the United States Stock Market.
Even those millennials that are not involved yet in trading crypto, one third stated they would trust crypto over the stock market.
The survey, commissioned by independent research from Provoke Insights asked 1,000 online investors aged 20 through to 65 about stock exchanges, crypto currency exchanges, 401 (k) s (retirement saving plans) and Australian Super Annuation plans.
45 per cent of the respondents expressed their interest in allocating crypto currencies in their 401(k) plan or Super Annuation plan, and a staggering 74 per cent of digital currency holders requesting to receive that as an option.
Managing Director of eToro, Guy Hirsch explains the survey results as a generational shift in trust from traditional stock exchanges to crypto exchanges. This is largely due to the loss of trust in the stock market after the fall of Lehman Brothers, due to irresponsible practices and later followed by the worst recession since the Great Depression.
“Immutability is native to block chains and that is why millennials and Gen X perceive crypto exchanges as less likely to be subject to manipulation and less likely to be a place where bad actors get rewarded with taxpayer money. As more investors become educated on the benefits of block chain we’ll continue to see the trend play out”.
It makes sense that Millennials are more open to investing in crypto currencies; after all they are driving the technical future and understand the expected progression of technological developments.