Millennials, in general, have been credited with an unconventional way of thinking, narcissism, and a positive attitude towards new technologies. Since they grew up with the incredibly fast development of the digital world, their everyday lives differ greatly from the lives of the previous generations. They simply adjusted to the tendencies and started using apps and online services for paying for the things they buy and services they acquire. This includes buying food, as well as paying for luxurious trips. The appearance of cryptocurrencies made their lives even easier.
At the end of 2018, Provoke Insights, a market research firm reportedly conducted the survey on behalf of eToro. Participants were 1000 online investors between ages 20 and 65. Although expected and in tune with the established features of the millennial generation, the results are still quite astonishing and explain the trends in the crypto markets.
Namely, the majority of participants who were eager to invest in cryptos were individuals earning above $75,000 a year.
On the other hand, almost 40% of participants responded that peer influence was the thing that drove them to cryptos. It seems that word of mouth is stronger than ever, regardless of your average income and exposure to various ads. Additionally, nearly 35% of them claimed that one of the main reasons to enter these investments was the need to keep track with new tendencies, or they feared missing out on something important, which fits well with curiosity and ability to adapt well to changes – which are all said to be features of the millennial generation.
What is common to nearly half of the respondents, is the fact that they rely more strongly on cryptocurrency exchanges than on the traditional stock markets. Unconventionality at its best! The place you decide to keep your money should be extremely secure and uncompromised. Millennials claim those places are not the banks we used to.
It is interesting that 93% of millennials who trade with cryptos would invest more if conventional institutions proposed such an option, while 71% of non-crypto traders said they would be willing to start investing in cryptos if traditional institutions offered them this option. This shows that this generation is ready to explore new opportunities and embrace new technologies, all in order to earn money.