Millennials: The prime investors in Bitcoin [BTC] and other cryptocurrencies in the future?

Millennials: The prime investors in Bitcoin [BTC] and other cryptocurrencies in the future?

Recently, Sustany Capital, a blockchain and cryptocurrency investment firm conducted a study wherein it found that millennials are highly inclined towards Bitcoin and other cryptocurrencies despite the masses not showing much interest in the space. Moreover, the survey also stated 88% of American Millennials want to invest in cryptocurrencies.

Earlier, also published a report where the statistics show that 17% of all cryptocurrency ownership was claimed by the Millennials. According to a recent survey, out of the 2,001 American adults involved, Baby Boomers contributed to just 2% while, Gen X comprised of 9%.

The study done by Sustany Capital talked about the possible percentage of Millennials who want to add cryptocurrencies to their portfolio. A total of 1,000 American adults were chosen as the sample for the study. A portion of them also claimed that cryptocurrency could be a sort of saving for them.

When it comes to Initial Coin Offering [ICO], the later generations, namely, the Millennials and Gen Z believe them to be the most significant factor in the space. On the other hand, technology is the key according to Gen X and Baby Boomers.

Christian Kameir, who is the managing partner of Sustany Capital, about blockchain technology and the cryptocurrency space also stated:

“To understand cryptocurrencies, you must first understand blockchain technologies. Blockchain technology–not cryptocurrencies–will impact most industries in profound ways.”

Of all the adults surveyed, 25% had very little knowledge on the subject of blockchain technology.

Events such as college students using funds from their student financial aid to invest in Bitcoin and other cryptocurrencies have also been reported previously.

In March, The Student Loan Report conducted a survey where it was revealed that over 21% of current [at the time] college-going students put their student aid funds into cryptocurrency investments, despite carrying loan debt. The report also stated:

“This can be especially risky for students who are using private student loans for this as these loans have higher interest rates and harsher repayment terms as compared to federal student loans.”

Forbes had also reported that Millennials invest in cryptocurrencies to save for retirement funds. This comes after a report by the National Institute on Retirement Security [NIRS] found that 95% of Millennials in America do not have a proper plan for their future savings.

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