A study by BanklessTimes revealed that 67% of respondents aged 27-42 consider bitcoin a safe haven.
Previous polls have shown that millennials are among the most active demographic groups in the cryptocurrency space and have a friendlier outlook than older generations.
BTC Emerges as an Important Asset for Millennials
According to Jonathan Merry – CEO of BanklessTimes – the primary cryptocurrency is a vital investment instrument for millennials as it offers financial freedom and allows them to diversify in times of economic uncertainty.
Those born between 1981-1996 are more open to digital innovations and are more likely to deal with BTC than Generation X and Baby Boomers. Older individuals remain predominantly conservative by sticking to fiat currencies and expressing skepticism toward the crypto sector.
Most millennials that participated in the survey believe bitcoin will go mainstream in the following years. They also see it as a better monetary tool than the dollar, euro, or any other national currency.
The asset’s decentralized nature and limited supply cap seem to be the most essential merits for the demographic group to classify it as a safe haven.
Staying out of the central banks’ reach means bitcoin is not a subject of dubious monetary policies introduced by governments. Its maximum supply of 21 million coins ever to exist caused many to believe that it could serve as a hedge against inflation. The scarcity could also increase the USD valuation of the asset in the future if the demand remains the same or increases.
On the other hand, multiple central banks printed colossal amounts of money during the COVID-19 crisis to support households and closed businesses. The move, among other factors, prompted record inflation in many countries. The rate in the USA hit 9.1% in June last year, a four-decade high.
Millennials and Their Crypto Affection
Another study conducted in 2021 showed that nearly 50% of millennial millionaires had invested at least a quarter of their wealth in cryptocurrencies.
36% of millennials and 51% of Generation Z were willing to receive part of their salaries in bitcoin in November 2021. Back then, the primary cryptocurrency was trading at around $65,000 (quite close to the all-time high of almost $70K).
Despite the bear market in 2022, the demographic group did not lose interest in the asset class. An Alto survey from last summer revealed that 40% of the US millennials are HODLers. They also view crypto as a more appealing investment tool than mutual funds.
In addition, 45% of millennials and 46% of Gen Z contemplated investing in digital assets as part of their retirement plans. According to Charles Schwab’s survey, almost half of the participants have already hopped on the bandwagon outside their 401(k) accounts.