93% of millennials choose investing in crypto over stocks
According to the new study released by the investment platform eToro, millennials believe in crypto trading platforms more than in the traditional, stock ones. Moreover, 93 percent of millennials have stated they would choose the digital currency for investment, if larger institutions provided this option. Among such institutions they’ve pointed TD Ameritrade, Fidelity, or Charles Schwab, among others. Additionally, 71% percent of those millennials who are not currently involved in cryptocurrency trading, said they would do it should an easier option be provided by traditional institutions.
Guy Hirsch, managing director of eToro, explains it through the prism of historic experience, citing that millennials have seen the traditional market crash down to the state worth that the great depression. Hirsch also noted that millennials have seen how hundreds of billions of dollars funneled to the largest financial institutions while banks were getting free money through quantitative easing, getting richer at taxpayers’ expense.
“Immutability is native to blockchains and that makes real-time audit to be sensible and cost-effective and that is why millennials and Gen X perceive crypto exchanges as less likely to be subject to manipulation and less likely to be a place where bad actors get rewarded with taxpayer money,” Hirsch noted.
Additionally to general trading, millennials appeared to be highly interested in having their 401(k) plan involved in the cryptocurrency investment option, with crypto either being available for investing as an option, or included in the plan by default.
For the survey eToro talked to 1,000 online investors, with a margin error reported at +/- 3%. According to Guy Hirsch, even though the trends outlined in the survey are very promising and clearly show that crypto is on the path to becoming mainstream globally, there are still regulatory changes that need to be addressed, emphasizing on the long-anticipated approval of ETFs, among others.