50 percent of millennials are into crypto

A YouGov survey has found that almost 50% of millennials “are interested in using cryptocurrencies as a primary form of payment as opposed to using the U.S. dollar.”

The study is the result of a poll of 1,202 Americans about their knowledge of cryptocurrencies. According to a press release, 79 percent of respondents have heard of at least one type of cryptocurrency, with 71 percent saying they have heard of bitcoin. The second-best known cryptocurrency was ETH, but only 13 percent of respondents said they have heard of it, which is remarkably low in comparison with bitcoin.

However, the poll also revealed that a high percentage –87% in fact — of the people participating had not bought, sold or mined cryptocurrency, and at least half of them don’t plan to do buy bitcoin in the future.

The group showing the most interest in cryptocurrencies were those aged 18 to 34, or ‘millennials’ for short. Some 19% of them are “very interested”, while a further 29% are “somewhat interested”. Quite significantly, “50 percent of millennials said they were not very or not at all interested in primarily using cryptocurrencies as a payment method,” according to the report.

The press release also stated: “Although relatively few people have any immediate plans to buy Bitcoin, more than one-third (36 percent) of people think that cryptocurrencies will become widely accepted as a means of transaction for legal purchases within the next 10 years. Millennials (44 percent) are the most likely of any age group to say cryptocurrency will be widely accepted. About one-third (34 percent) of Gen X’ers and 29 percent of baby boomers agreed.”

The good news here is that quite a large proportion of the people interviewed think crypto will be widely adopted as a financial tool in the future. However, it is disappointing to see that about 25% of the people polled still think that bitcoin is primarily used for illegal transactions and only 17% of those polled think it is purely used for legal purchases.