Cryptocurrency investment, whose popularity is still on the rise, is a firm favorite amongst millennial, as claimed by a study conducted by Deidre Campbell, the Global Chair of Financial Services at Edelman. As per the New York Post’s report, the study found out that over 25% of millennials already own digital assets while another 30% plans to invest in the same, in the very near future. Campbell said,
“Anyone that has crypto tells me they wish they bought it sooner.”
Millennials, today, prefer such alternative modes of transactions to banks, with their money because of the later’s inefficient and outdated models and systems, which do not cater to the needs of the young investors who as it is are mostly stooped with immense financial debts.
Even when Harvard University’s Institute of Politics had conducted a study back in 2015, when the awareness about the crypto world was relatively low, only 14% of millennials had had faith in the wall street to be efficient and do the correct thing in order to help customers. Now, three years down the line, the situation has gotten worse for banks dealing with only fiat currency as the popularity of fintech applications and crypto have increased by leaps and bounds. For example in China, Alibaba’s fintech platform AliPay has begun to account for over 80% of all their online transactions.
Fintech solutions have also been an immense success in underbanked regions. We see how the Venezuelan Government is trying to promote their national cryptocurrency, Petro. Lesser dependence on banks and the fact that transactions can be conducted through mobile devices contribute a lot to the popularity of cryptocurrency. Coins.ph Philippines’ largest cryptocurrency trading and remittance platform singlehandedly has over 5 million users in the country itself along with many from Thailand and Malaysia who use the service to deal with crypto. The government is of South Korea has already recognized crypto exchanges as valid financial institutions and is now looking forward to making sure young talents enter the blockchain scene.