5th December 2017

Savings accounts are history: Millennials want Bitcoin

Crippled by student debt, zero hour contracts and rising house prices, it comes as no surprise that an increased number of millennials are investing their spare cash into Bitcoin in the hope for quick returns.

A survey by CoinSpectator has found that 6 out of 10 respondents purchased Bitcoin in the last 12 months and are now less interested in putting their spare cash into a traditional savings account due to the low interest rates.

Surprisingly almost two-thirds of women have taken it one step further by branching out from Bitcoin and diversifying their portfolios with in other cryptocurrencies such as Ethereum. This comes as a shock as men are the ones who are usually known to take greater financial risks.

The price of Bitcoin has risen considerably from approximately £550 in November 2016, to nearly £7,000 per coin at the time of writing. With such lucrative profits up for grabs, millennials fear missing out not only on making high gains but also on the opportunity to support a self-sufficient banking ecosystem that benefits the user directly.

Although the younger generation prefer saving in Bitcoin, just under half are also on the lookout for a more flexible and modern banking system with 45 per cent stating they hoped their current bank would integrate the ability to purchase, sell and store Bitcoin in the future

“The younger generation are far better connected with technology and are notoriously quick to act on new ideas, ecosystems and gadgets. This has enabled them to invest in cryptocurrencies over the last few years, well before large hedge funds and financial institutions started to get involved,” said Andrew Sung, founder of CoinSpectator.

“We might see a decline in bank usage among the younger generation in the next five years if Bitcoin and other promising blockchain technologies like Ethereum continue to expand and become more user-friendly.”

This survey was conducted online by CoinSpectator among 10,000 18-24 year olds between 1st and 31st October, 2017.