Bitcoin has been around for some time now, and its popularity is still growing. You can even say that it only now is taking a full swing as not many people were in cryptocurrencies a couple of years ago. The one demographic that is in BTC more than any other are the millennials. In this article, we are going to discuss why Bitcoin mining is so popular among millennials. This is a subject that interests many, so we have a clear picture of why the situation is as it is.
We say this because Harris Poll conducted a poll regarding Bitcoin. The research was requested by Blockchain Capital with the intent to learn various metrics of BTC, including ownership, trading patterns, purchase trends, among other things. What they found is the same thing that interests us. It’s that Bitcoin has the most of its popularity among younger demographics. It would be because it’s only a decade old. They have concluded that the reason that BTC surged in popularity is that millennials took a considerable interest in it.
Not only that it is the talk of the street today, but because of the younger people interested in it right now, it has massive potential to grow further in the next half-decade. They put this belief out there behind the claim that Bitcoin is currently exiting the bear market. This was not the first time that a poll regarding Bitcoin was done. It was done before, in 2017, when this crypto was at its peak. Interestingly the results are almost identical. This one is a fun fact considering that three years ago, the world entered the whole cryptocurrency frenzy.
Source: luckbox
The popularity among all demographics and not only among millennials spiked in recent months. Today we have only 11% of people who are unaware of this crypto. In 2017 this number was at 23%. If we look at the number of millennials who are now familiar with BTC, it stands at almost 60% of them compared to only 44% three years ago. Now, not all of them are into crypto, mining, and trading but are aware of its existence. Today we have younger demographics looking at BTC and similar cryptocurrencies seeing them as a business opportunity and a sort of financial technology.
Today we even have people aged 18-34 firmly believing that all people of this world are going to be using Bitcoin one way or another. This number moved from 28% in 2017 to 33% today. All points are showing that millennials are prepared to back this crypto. The trend is strong as the number of those who said yes to investing in BTC in the next five years rose up from 19% to 27% despite BTC dropping in value compared to what it was in the past few years. This is not something that anyone could have imagined only a couple of years ago, but today it turns into a reality.
Bitcoin Much More Popular with Millennials
Source: cryptocoinsociety
People are starting to be aware of digital currencies across the globe. While all demographics are coming into touch with it, the younger generations are developing more affinity towards it. Younger groups see it as something generational that belongs to them. Because of this, three times more people aged 18-34 compared to those over 65 are well versed in what BTC is. The age gap is rather large, so you can see why we’re talking millennials here. They have put their trust behind this crypto. It is so strong that they believe that in the next ten years or so, the majority of people are going to be using BTC. 48% of them think so. Older generations, and we’re talking those more aged than 65 are not of this opinion. They are of the belief that this would bot be the case, and only 16% of the would stand behind BTC. Millennials are so into BTC because 59%of them see it as a significant financial innovation, and this is the primary reason why there are so many millennial miners. The elderly do not share the sentiment as only 24% see Bitcoin as a valuable financial instrument of the future.
In terms of mining and investing, millennials are solidly prepared to back this crypto. 42% of this in the ages between 18-34 claim that they are going to be investing in BTC within the next five years. Mining is already rather popular among millennials, and the trend is set to continue. If looked at older adults, aged 65 or more, they’re nowhere close. Only 8% of them are prepared to make such an investment. They weren’t ready to do so earlier as only 2% have done that while 20% of millennials claim they have BTC in their property.
Source: verdict
An interesting fact is that Bitcoin as an investment is slowly but safely taking over government bonds, stocks, real estate, and gold as a more traditional asset. Millennials are prepared to risk it all on BTC. 30% of them hold it more reliable than government bonds, while the number stands at 27%, 24%, and 22% for stocks, real estate, and gold, respectively.
It is all about the practicality of millennials. In a financial sense, they are closer to BTC than to any other things we mentioned above. What attracts them to mining, trading, and above all, owing Bitcoin are the fees that are lower for transferring and using BTC compared to any other mean. It excludes the middleman and makes it more secure as blockchain and e-wallets are seen as more reliable than regular banks. Another thing that makes them want to mine and trade BTC is that it’s not your regular currency that can be taken away due to credits or student loans. Also, they are not asked for their social status of financial history once they want to get into Bitcoin. It is a novelty that entirely belongs to the new generation of young adults, and they are prepared to ride it, but also to stand behind it and support it. You can do the same if you visit bitcoin-supreme.com.
