Almost 50 Percent of U.S. Millennials Open to Using Cryptos As Primary Currency

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young man showing bitcoin coin to his intrigued group of friends, cryptocurrency hype concept. Source: shutterstock.com

Millennials are ready to make the shift to cryptocurrencies. New data from YouGov Omnibus suggest that about half of the young, tech-savvy millennial generation would swap their fiat currency with digital currency.  A large number of Americans across different age groups are reported to be familiar with at least one kind of cryptocurrency. Even though everyone doesn’t agree on the future of cryptocurrencies in the country, it seems that they are now part of the American publics conversation.

Almost Everybody Knows About a Cryptocurrency

Bitcoin, the pioneering cryptocurrency, is the most popular among Americans. Seventy-nine percent of survey respondents suggest that they know of at least one cryptocurrency. Seventy-one percent suggest that they are familiar with Bitcoin. The second most popular cryptocurrency is Ether, though it lags behind Bitcoin by eons. About 13 percent of respondents claim to have heard about it.

The survey depicts a gender gap in crypto awareness levels, with men more likely to have heard about cryptocurrency. Twenty-seven percent of women and about 16 percent of men claim to be oblivious of the presence of digital currencies.

Are People Buying Digital Currencies?

While awareness is the beginning of interest, it isn’t necessarily a precursor to interaction. Eighty-seven percent of people who claim to have heard of Bitcoin suggest that they have never bought, sold or mined the coin. Forty-nine percent of the same group say that they are glad they didn’t buy it earlier and didn’t intend to buy it in the future as well.

There is also a small group of respondents, roughly 15 percent, who wish they had jumped into the crypto bandwagon earlier but think it is too late to dive now. People aged 35 and above aren’t thrilled with digital currencies as only 21 percent of people between the age of 35 and 54 and about 11 percent of people aged 55 and up wish they had bought Bitcoin earlier.

What About Crypto Adoption?

A small percentage of people are interested in buying Bitcoins, but at least 36 percent believe that cryptocurrencies will become a legal means of purchase in the next decade. Millennials are taking the lead again as 44 percent believe that cryptos will be widely accepted. Gen X’ers and baby boomers aren’t too keen on it as only 34 percent and 29 percent, respectively, believe in widespread crypto adoption.

On the other hand, 34 percent of people believe that cryptos will not be widely accepted in the next decade. Cryptocurrencies connection with illegal purchases could be the reason behind it. A quarter (25 percent) of the respondents think that digital currencies are used primarily for illegal purchases, while only 17 percent of the respondents believe they are used more for legal purchases. Finally, 19 percent believe that digital currencies are used equally for illegal and legal purchases.

Close to 48 percent of millennials suggested that they are interested in moving from US dollars to cryptocurrencies, while 50 percent said they are not interested. Still, millennials response to digital currencies is comparatively warmer and welcoming.

Almost 50 Percent of U.S. Millennials Open to Using Cryptos As Primary Currency was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.