7 Stats That Highlight A Millenial Propensity For Bitcoin
As Bitcoin surged from $250 just two years ago to over $7,000 today and the industry around it has boomed, the digital asset has been increasingly featured in public discussion. In light of this increased exposure, we decided to take the pulse of the country to gauge awareness and sentiment toward Bitcoin and get a better sense of where Bitcoin is in the adoption curve.
The results are based on responses from a recent survey of more than 2,000 U.S. adults ages 18+ conducted online by Harris Poll on behalf of Blockchain Capital—many of the results are quite remarkable.
In particular, the results highlight a millennial (we define as 18-34 years old) proclivity for Bitcoin that may be indicative of a bright future for the digital asset. [Disclosure: Investing in Bitcoin is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I own some Bitcoin.]
For example, more than 1 in 4 millennials prefer Bitcoin to stocks: 27% of whom said they would prefer to own $1,000 of Bitcoin over $1,000 in stocks. The number was even higher for male millennials—38% of whom said they prefer Bitcoin.
Not just stocks, many millennials prefer Bitcoin to other traditional financial assets as well. Given the choice of either $1,000 of Bitcoin or $1,000 of a traditional financial asset, 30% of millennials said they would choose Bitcoin over government bonds, 22% would choose Bitcoin over real estate, and 19% would choose Bitcoin over gold.
The preference for Bitcoin is especially true for millennial men – at least one quarter would prefer $1,000 of Bitcoin over $1,000 worth of: government bonds (43%), stocks (38%), real estate (26%), and gold (31%).
However, the results also show that only 4% of millennials have owned or currently own Bitcoin—indicating there’s a significant gap between preferred and actual ownership rates. If millennials close that gap as their purchasing power increases, it would be a significant and meaningful tailwind for Bitcoin adoption.
Overall, Bitcoin awareness is more than two times higher among millennials than older demographics: 42% of millennials say they are familiar with Bitcoin, compared to 15% among those ages 65+.
Millennials are more likely to view Bitcoin positively
Perhaps as a result of their greater awareness, millennials are significantly more likely to view Bitcoin favorably compared to older demographics.
Millennials are 10 times as likely as those ages 65+ to “strongly agree” that Bitcoin is a positive innovation in financial technology (20% vs. 2%). Roughly half of millennials (48%)—including 63% of male millennials—agree that Bitcoin is a positive innovation versus 19% of those ages 65+.
Overall, 20% of millennials “strongly agree” that Bitcoin is a positive innovation in financial technology. This is particularly high if we consider that only 42% of millennials described themselves as at least “somewhat familiar” with Bitcoin—so, presumably, the conversion rate from those that are informed to those that are strong believers is quite high.