Half of millennials say cryptocurrency will soon be widely used

Millennials are keen on bitcoin and cryptocurrency in general, according to a recent YouGov survey. 44% of millennials (just under half) say they think it will be “somewhat” or “very” widely accepted in the next 10 years.

The survey also found that bitcoin enjoys fairly incredible brand recognition, with 74% of men and 68% of women respondents saying they’d heard of it. Nothing else came close, with only 19% of men and 6% of women saying they’d heard of Ethereum, making it the second most widely-known cryptocurrency.

Curiously, 79% of respondents said that they were familiar with at least one type of cryptocurrency, suggesting that there’s a reasonable number of people who have heard of some kind of cryptocurrency but don’t know anything about bitcoin.

A new generation of money

While almost half of millennial respondents said that they think cryptocurrency will become widely used in the future, only a third (34%) of generation X respondents and 29% of baby boomers said the same.

Overall, across all age groups, responses were divided into fairly equal thirds, with a third saying cryptocurrency would be widely accepted, a third saying it wouldn’t and a third tapping out and saying they didn’t know. This trend of equal thirds was fairly consistent across all age groups with the exception of the crypto-keen millennials.

Of those who said cryptocurrencies would be widely accepted, 36% said they would be down to predominantly use a cryptocurrency instead of the US dollar, while 57% said they wouldn’t. Millennials were once again the most crypto-happy, with responses split 50/50 between yes/no to predominantly using crypto instead of USD (or 48% yes, 50% no and 2% other, to be exact).

To read more, please click on the link below…

Source: Half of millennials say cryptocurrency will soon be widely used | finder.com.au