There appears to be a generational divide in how we think about cryptocurrencies and traditional financial markets. According to a new survey by eToro US, almost half of millennials trust cryptos more than Wall Street, while three quarters of Gen X respondents feel the opposite.
The managing director of eToro US, Guy Hirsch, said of the results:
“We’re seeing the beginning of a generational shift in trust from traditional stock exchanges to crypto exchanges…Younger investors’ experience with the stock market has seen a great deal of loss of trust, with the fall of Lehman Brothers because of irresponsible practices followed by the worst recession since the Great Depression.”
The 2008 recession, caused by bad regulations by governments and even worse management by traditional investment firms, helped create Bitcoin for the same reasons millennials don’t trust the system. The legacy system of money is too opaque and bent towards corruption, and only helps to serve the financial sector. Bitcoin SV (BSV), the only crypto to still follow the original vision of Bitcoin, is a new money for the world, intended to provide more freedom, security and transparency.
All the same, adoption isn’t as high as the survey suggests it could be, if a few things changed. 93% of millennial crypto traders said they would invest more if traditional financial institutions got in on the game. eToro interpreted it not as the younger generation having any faith in those institutions, but rather that they were looking for more recognizable firms that were less likely to be flat out scams.
That’s a fair enough conclusion. The majority of cryptos and exchanges out there are still very new, and are still figuring out what they want to be. Without a clear vision, it’s hard to invest in something with full support.
As the crypto industry begins to understand why more and more businesses are falling in love with BSV, this will change. BSV has a stable, long term vision for massive scaling, and creating enterprise applications that weren’t possible before. As more wallets, exchanges, and businesses start to work with BSV, quick-witted millennials will quickly realize that it’s the reputable bet they’ve been waiting for.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.