Millennials across the globe don’t trust the banks, says Fundstrat’s Head Researcher

On 12th August, a cryptocurrency related YouTube channel released an interview of Thomas Lee, the Head of Research at Fundstrat. During the discussion, he spoke about the cryptocurrency space and markets in general. The conversation also carried topics such as the link between millennials and cryptocurrencies and its adoption, among others.

The interviewer pointed out that Tom Lee, in his research, mentioned the millennial demographic. Furthermore, he asked the researcher about the dependency of the cryptocurrency economics on different demographics, when compared to the traditional asset classes.

To this, Tom Lee replied by speaking about his organization’s work related to demographics. He elaborated:

“We’ve done a lot of work on demographics. I did a lot of JP Morgan. In fact, it gave me a big edge when I did wireless, because a lot of our thesis on wireless was that the penetration rate of a 20-year old was going to be what wireless will look like in 30 years…”

Moreover, he believes that demographics are highly significant as it explains multiple events in history, such as the gold price move in the 70s, the 1982 to 1999 bull market that was all because of the baby boomers, among others. Focusing on millennials, Tom Lee stated that this particular generation is different than the others in terms of the economic mindset. He stated:

“This millennial generation, it’s actually I think very differently this time because… One with social media, it’s more synchronized globally. In other words however the U.S. Millennials feel like we know in surveys, they don’t trust banks.”

He continued to point out that by synchronization, he meant that the millennials share a similar notion on a global scale. For instance, the same generation in China, or across Asia also feels a repulsion against banks. The researcher further stated that there are over two billion millennials across the globe and have a substantial economic power in the U.S.

According to Tom Lee, millennials will control the majority of disposable income by 2029 and will be holding over seven trillion of assets within a few years. To conclude, about a fraction will go into the cryptocurrency markets and would create a huge upside for these markets.