Millennials are Leading Bitcoin’s Awareness & Ownership Race, 42% Will Buy BTC in Next 5 Years: Survey Reveals
Despite the bear market, the latest data shows Bitcoin awareness, perception, familiarity, and propensity to purchase along with ownership has all increased significantly.
According to the latest data shared by Spencer Bogart, a partner at Blockchain Capital on the basis of the survey conducted from April 23-25 among 2,029 American adults, Bitcoin is a demographic mega-trend that is led by younger age groups.
A similar poll was conducted on October 2017 when the crypto market was in its bull cycle, unlike the current bear market.
When it comes to awareness, it has surged from 77% to the current 89% among which Bitcoin has the strongest across all age groups. People that haven’t heard of Bitcoin has fallen to 11 percent while people from age group 18-34 have the highest rate of awareness at 90% and 65+ have the lowest at 88%.
As people became more familiar with Bitcoin, the perception of people has changed as well as people who agree that ‘Bitcoin is a positive innovation in financial technology’ rose 9%. Younger demographics are more inclined to a positive review of Bitcoin that is up 11%.
So, could it be said that there is an increased conviction in future adoption? The survey finds that it is to a certain degree as people who believe most will be using BTC in the next 10 years have risen 5% with yet again the younger generation being more convinced at nearly half that is 48%.
Bitcoin As Digital Gold Gaining Momentum
Unlike the end of 2017 when the market was rising the bull wave, currently the leading cryptocurrency is down 75 percent. Despite this, with an increase of 8%, 27% of people indicated they will buy Bitcoin in the next 5 years. People from the age group of 18-34 were most inclined at 42%.
The survey also found an interest in Bitcoin in comparison to other investable assets. In regards to the preference to own $1k of these assets,
- 21% of people said they would prefer Bitcoin to government bonds , up 18%
- 17% of people said they would prefer Bitcoin to stocks , up 14%
- 14% of people said they would prefer Bitcoin to real estate , up 12%
- 12% of people said they would prefer Bitcoin to gold , up 8%
The younger generation is more into Bitcoin here as well as among those aged 18–34: nearly 1 in 3 prefers Bitcoin to government bonds, more than 1 in 4 prefers Bitcoin to stocks, nearly 1 in 4 prefers Bitcoin to real estate and more than 1 in 5 prefers Bitcoin to gold.
The biggest increase, the survey observed has been in the preference rate for Bitcoin was relative to gold. This could have been the byproduct of Bitcoin’s growing acceptance as ‘digital gold’.
As for the ownership, in total, 11 percent own Bitcoin including 20% of the younger people while 15% of those belonging to 35-44 age group.
The survey clearly indicates that millennials, the younger demographics are leading in Bitcoin awareness and conviction with further propensity to purchase and ownership.