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The leading global investment platform eToro has recently conducted the nationwide survey of 1,000 online traders & investors in the U.S. that reveals the mindful insights on how millennials are shifting from the traditional stock investing to blockchain-powered crypto assets (something that other similar surveys has also shown previously).
According to the survey, nearly half of millennial traders and investors have more faith in crypto assets or digital currencies than the traditional stock market. 43% of millennial online investors believe that crypto exchanges are more trustable than the U.S. stock market. On the another hand, 77% of Gen X candidates supported traditional stock exchanges over crypto exchanges and crypto assets.
The survey further reveals that 71% of millennials would invest in crypto if it was offered by traditional financial institutions. One-third among millennial traders and investors who don’t trade in crypto said they would trust cryptocurrencies over the classic equity market.
Guy Hirsch, Managing Director of eToro U.S. described this situation as a ‘generation shift’ in trust from the traditional stock market to crypto assets where millennials are keen to discover the potential of blockchain and cryptocurrencies. At the core of this shift in trust are the asset classes themselves. Irresponsible practices that shook the pillars of Lehman Brothers in 2008, manipulation of taxpayers’ money and other such cases made millennials lose their trust in the conventional stock market, Hirsch said. However, immutability, security, and transparency of the blockchain can put the end to such activities.
This generation shift in trust points out to the demand for alternative crypto products and crypto investment tools offered by traditional financial institutions. Millennials have definitely placed their faith in crypto over stocks but they are more thrilled about the idea of traditional financial institutions offering crypto assets.
The survey showed that 93% of the millennial crypto traders would pour more money into crypto assets if it were offered by TD Ameritrade, Fidelity, or Charles Schwab like financial institutes. Half of the millennials surveyed said that they would include crypto assets in their retirement savings plan 401k, and 74% of them expressed their interest in having the crypto inclusive option from their 401k provider.
The trend of taking out crypto loans and gaining interest on crypto assets hasn’t been known before the survey. The survey revealed that 47% of online investors would take out a loan in crypto while 76% of them would like to earn interest on their crypto assets. “As more investors become educated on the benefits of blockchain we’ll continue to see this trend play out,” Hirsch predicts.