48% of American Millennials Would Switch from Fiat to Crypto, Survey Reveals

Bitcoin Cryptocurrency Blockchain Pixabay
Image: Bitcoin, Pixabay

A survey carried out by research service YouGov Omnibus shows that while cryptocurrency prices are tumbling, 48 percent of millennials have no problem switching to crypto as a primary currency.

The report, which collected answers from 1202 respondents from August 29-30, 2018, revealed that 79 percent of Americans are familiar with at least one cryptocurrency. Of this percentage, bitcoin is the most popular, with 71 percent of Americans saying that they have prior knowledge of the currency. Ethereum comes second place, as 13 percent of respondents have a form of knowledge about it. 

Regarding gender, crypto awareness was higher among men than women for the top two cryptocurrencies mentioned. 27 percent of women say they have no knowledge of cryptos compared with 16 percent of men who chose the same answer. 

Of those who have heard of bitcoin, 87 percent of respondents have never purchased, sold or mined it. About half of this group also chose the response option “I’m glad I didn’t buy Bitcoin earlier, and I don’t plan to buy it.” 

Coinbase 2

Commenting on the results, Thomas Schouten, Head of Marketing at Lisk—a blockchain platform for coding in JavaScript—said, most people are still oblivious of the “massive potential” in the space, but the “awareness and openness to cryptocurrencies” by millennials is a significant factor in ensuring global adoption in the future.

“The survey shows us that the global leaders of tomorrow are aware and open to cryptocurrency but, saying that, there may still be some way to go in improving understanding of the real future utility of the underlying technology. Generally, most people seem unaware of the massive potential in this space and don’t realize that Bitcoin and Ethereum are only the tip of the iceberg,” he noted.

Despite the relatively small percentage of American respondents who expressed immediate interest in buying bitcoin, more than 36 percent of the respondents revealed their optimism in bitcoin and other cryptocurrencies, which they believe would become widely accepted as a legal tender within the next decade. Millennials were also the most optimistic of the group, with 44 percent of respondents, compared to 34 percent of Gen X and just 29 percent of baby boomers who believe cryptocurrencies will be widely accepted as a means of transaction for legal purchases.

Nydia Zhang, Co-founder of Social Alpha Foundation, a not-for-profit grant making platform supporting blockchain technology for social good, said the survey is “reflective of current trends among millennials within the blockchain and crypto space.”

“Almost half (48%) of millennials say they would be interested in using cryptocurrency primarily. This is interesting and reinforces how the crypto community and culture has a bigger impact on the younger generation. Despite this, there is still a misperception surrounding cryptocurrencies and bitcoin, and this is evident by the 34% of people who think crypto will not become widely accepted in the near future,” he added.

48% of American Millennials Would Switch from Fiat to Crypto, Survey Reveals 1
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,028.00
ethereum
Ethereum (ETH) $ 2,340.60
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 310.64
cardano
Cardano (ADA) $ 1.26
xrp
XRP (XRP) $ 0.723110
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.200277
polkadot
Polkadot (DOT) $ 14.65
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,028.00
ethereumEthereum (ETH)
$ 2,340.60
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 527.98
litecoinLitecoin (LTC)
$ 137.07
bitcoinBitcoin (BTC)
33.051,84
ethereumEthereum (ETH)
1.982,20
tetherTether (USDT)
0,846875
bitcoin-cashBitcoin Cash (BCH)
447,13
litecoinLitecoin (LTC)
116,08
bitcoinBitcoin (BTC)
28,129.24
ethereumEthereum (ETH)
1,686.98
tetherTether (USDT)
0.720745
bitcoin-cashBitcoin Cash (BCH)
380.54
litecoinLitecoin (LTC)
98.79

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
KuCoin hackers steal $150 million
KuCoin Exchange Hacked But Insurance Will Cover The Stolen $150M
September 29, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin38,920 0.17 % 2.88 % 20.09 %
Ethereum2,335.5 0.45 % 0.39 % 15.19 %
Tether1.000 0.00 % 0.01 % 0.11 %
Binance Coin310.18 0.34 % 1.68 % 5.58 %
Cardano1.270 0.17 % 1.40 % 6.72 %
XRP0.7212 0.15 % 1.55 % 21.19 %
USD Coin0.9997 0.16 % 0.20 % 0.29 %
Dogecoin0.2000 0.13 % 4.31 % 4.38 %
Polkadot14.60 0.01 % 3.84 % 10.11 %
Binance USD0.9990 0.38 % 0.33 % 0.36 %

bitcoin
Bitcoin (BTC) $ 39,087.00
ethereum
Ethereum (ETH) $ 2,346.74
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 312.19
cardano
Cardano (ADA) $ 1.27
xrp
XRP (XRP) $ 0.723132
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.200602
polkadot
Polkadot (DOT) $ 14.78
binance-usd
Binance USD (BUSD) $ 1.00