- A new survey by Charles Schwab shows Millennials’ preference for Bitcoin over other investments such as shares of Netflix, Disney and Tesla.
- The survey also states that Millennials spend more money on ETFs than previous generations.
The growing adoption of Bitcoin is a reality. This is supported by recent studies and surveys. Its importance as a store of value and alternative in economies in crisis is remarkable. A new study by Charles Schwab confirms that among young people Bitcoin is consolidating as a popular option to invest their money.
Millennials prefer to invest in ETFs
The survey published by retail brokerage firm Charles Schwab studies what respondents do with their money. From Baby Boomers to Generation X and Millennials, the survey offers more details of their customers’ financial interests. The Baby Boomers represented 39% of the surveyed population, Generation X 42% and the Millennials 13%.
The results of the study were published on December 4 of this year. Its first conclusions state that mutual funds are the largest investment of all generations. Apple ranks first among respondents in equity holdings. However, the results show that the Millennials have a smaller share in these items.
Compared to the rest of the population surveyed, Millennials represent 34% of mutual fund investors and 25% of share holders. On the other hand, Millennials spend a larger percentage of their investments on ETFs. A trend that has increased in 2019, despite the bearish market and price volatility.
Bitcoin Investment Funds preferred by Millennials
According to the results of the survey, Millennials are the population that has allocated a greater percentage of their money to funds related to cryptocurrencies, such as the Grayscale Bitcoin Trust. Overall 1.84% of all Millennials prefer to invest in Bitcoin funds. The rest of the population invests in more traditional companies such as Microsoft, Tesla, Alibaba and Apple.
Although the percentage may seem small, interest continues to grow, according to another study published by Blockchain Capital. The results show that almost 60% of the respondents see the Bitcoin as
(…) a positive innovation in financial technology
At the same time, the survey also found that 42% of respondents could imagine buying Bitcoin.
The analyst Willy Woo has recently published a graph about the above mentioned trend. The graphic shows that Millennials only have a small percentage of the wealth of the U.S. If the purchase intention and the increase in wealth of Millennials increases, so could the price of Bitcoin.
In any case, adoption according to these studies will grow. The market could change over the next decade to materialize the figures. At some point they will cease to be just statistics and could mark the beginning of a new stage for Bitcoin.
For the sake of economic equality, it's our duty as Gen-Xers and Millennials to take wealth from the Boomers. Gratitude to Peter Schiff, he's such an ally. 🤣 pic.twitter.com/2KshNqba5L
— Willy Woo (@woonomic) December 3, 2019
At the time of writing, the price of Bitcoin is $7,581 and has had a slight upward movement (2.43%) in the last 24 hours.