People all over the world are increasingly interested in bitcoin over the traditional asset classes, according to a survey conducted by The Tokenist.
The survey was conducted in 17 countries polling 4,852 respondents revealed that 45% of them prefer to own bitcoin over stocks, real estate, and gold, an increase of 13% from 2017.
Belonging to the age group of 18-65, millennials’ confidence in bitcoin has “increased dramatically” against government bonds, real estate, and gold.
Bitcoin remained the leading alternative asset as a hedge against traditional financial markets despite experiencing multiple cycles of volatility in the past 3 years.
Price Speculation is what makes Bitcoin Attractive
There has been a drop in public confidence towards financial stocks, compounded by the recent COVID-19 market fluctuations.
Moreover, 43% of respondents feel that most people will be using Bitcoin within the next decade while 44% of millennials are likely to buy BTC in the next five years.
Bitcoin is also the favorite long term investment by millennials while real estate is the preferable choice of those in the higher age groups and stock market for the 35-35 years generation.
And what makes bitcoin attractive is price speculation (31%), followed by being a store of value (19%), its scarcity (17%), and potential inflation of the US dollar (12%).
While millennials are more attracted to bitcoin, the majority of respondents are somewhat familiar with the digital currency. What’s striking is, 51% of those over the age of 65 are familiar with BTC.
Increased Trust in Bitcoin than Big Banks
Recently, JPMorgan strategist highlighted that bitcoin’s behavior during the coronavirus pandemic added to its “longevity as an asset class.” Also, the report said bitcoin is more resilient than currencies, equities, Treasuries, and gold.
This came after JPMorgan CEO Jamie Dimon remained a crypto skeptic and called bitcoin “fraud”.
Now, as per Tokenist’s survey, 47% of respondents trust bitcoin over big banks, which is an increase of 29% in 2017.
Millennials are the ones with increased trust in BTC as 95% of those aged over 65 still trust big banks over bitcoin, a level remaining constant in the past three years.
“The recent volatility of assets held by big banks, and the increased professionalization of the BTC sector,” are the factors behind this trend, says the survey.