Millennials have been known to be quite accommodative of new technologies and this is the case when it comes to blockchain technology and cryptocurrencies. Most of the people that have invested in cryptocurrencies belong to the millennial generation. So which cryptocurrencies are the most attractive to this generation?
Bitcoin leads the pack as far as millennials are concerned
It has been almost ten years since the first cryptocurrency was introduced but many other cryptocurrencies have been created using decentralized ledger technology also known as Blockchain technology. Analysts claim that Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) are the most appealing digital currencies to the millennial generation.
There are numerous reasons why millennials are so interested in the three cryptocurrencies. The main one applies to all and it is the fact that blockchain technology is decentralized thus not governed by governments and his means there is less government control over money. Another reason is that cryptocurrencies present a chance for the young generation to gain wealth quickly. For example, Bitcoin has been around for almost ten years which is still a relatively short time and within that time its value has skyrocketed. Early adopters who held on to their Bitcoin investment have since then amassed a lot of wealth.
Simon Yu, the head of a blockchain startup known as StormX stated that millennials tend to embrace new technologies so that they can take advantage of what the new technology has to offer. This partly explains why this generation has been so accommodative of blockchain technology. One Month co-founder also added that the millennials and generally the young generations are not as risk-averse as older generations. Cryptocurrencies are also more attractive to the millennial generation because they prefer tech-oriented investment. Millennials are more digitally literate compared to other generations.
Millennials are risk takers
Millennials are also quite optimistic about the future of the cryptocurrencies despite the bumpy path that the market has faced especially within the first three months of 2018 which was characterized by a huge market crash. Millennials still see a lot of potential for the cryptocurrency market particularly for Bitcoin,Ethereum, and Litecoin. These three cryptocurrencies are currently the strongest in the market and have been around for quite some time.
How they fair in a survey
A recent study involving 1,000 Americans was carried out to determine how they would invest $10,000. According to the results of the survey, 9.19 percent of the millennial generation said they would invest the money into the cryptocurrency market. In contrast, only 4.04 percent of the members of Generation X were willing to invest in cryptocurrencies while just 3.07 percent of Baby Boomers saw cryptocurrency as an ideal investment option.
The survey also revealed that Bitcoin was still the most popular choice for those who were willing to invest in the cryptocurrency market. This is not surprising since it is still the top and most popular digital coin in the cryptocurrency market. Ethereum and Litecoin were the second and third most popular options. However, such results were not so surprising because they also align with the cryptocurrency rankings in terms of market capitalization.