Bitcoin and other forms of digital and crypto assets are slowly establishing their position in the financial landscape. As the world observes such assets out-performing traditional currencies everywhere, younger generations lean more and more towards the side of suspicion of the standard financial systems. This should come as no surprise since the rate at which money-transaction technologies have been evolving in the last years is simply astonishing.
According to a survey conducted in April 2020 by the fintech news website The Tokenist, in which a total of 4852 participants across 17 countries were polled, 47% of them trusted Bitcoin over big banks. This represents an increase of 29% over the three years prior. What stands out is the generational gap the results show us: while 93% of over-65s trust big banks more, half of the millennials trust Bitcoin over big banks, with 44% of them expecting to buy some in the next five years.
These numbers can be seen as very positive for those who believe in Bitcoin, but it should definitely be pointed out that they can be misleading. Firstly, the survey was conducted through a Google Surveys form. Secondly, despite having participants aged 65+, 43% of them fell within the 25-35 range, and only 17% of them were female millennials. Looking at these stats, one could already argue that this sample does not represent well enough the population of those countries.
However, what is indeed very positive for Bitcoin is the fast pace in which people's perception is changing, combined with their open-mindedness regarding the topic. Most of them see Bitcoin reaching mass adoption in 10 years. Understandably, they think this way because of the world they saw around themselves growing up. Most individuals feel that there is something wrong with the financial policies around the globe, even though they are not able to precisely explain what it is. In this regard, young people are the most prone ones to opt-out of this traditional system. They oftentimes dont have a lot of money, finding themselves in debt or not being able to get a job that pays as much as their parents got when they were their age. For that reason, they feel quite excluded from the game of financial assets. This, combined with the fact that millennials were brought up surrounded by the internet, gadgets, smartphones, fast-paced changes, and disruptive technologies makes them the optimal subject for financial subversion.
There are four main factors that can contribute even more to this scenario becoming a reality. The first one is the undeniable, obscure thought that old people will eventually pass away. This sadly implies that the group of most reluctant people in regards to change will eventually fade, leaving the rest to be a greater portion of society, namely one that is open to new financial dynamics.
The second one is trust in fiat currencies. Although the world has witnessed such currencies being around for numerous centuries, their average lifespan is less than 30 years. The Euro, for instance, one of the most prestigious ones out there, is merely 20 years old. Inevitably, millennials will start watching fiat currencies around the world become destined for museums.
The third factor is the financial crisis episodes. Millennials were just kids when the 2008 crash took place and big banks went bankrupt. However, as young adults, they are very likely to watch another major collapse, as the world's debt keeps increasing, and economic policies played out by the governments tend more and more towards fiscal insanity. Some are already suffering from unemployment, and this is just not overlooked by people. Most millennials simply cannot envision themselves retiring using the money the government promises them, so they should indeed be alert for other possibilities.
The fourth and final factor is the maturity of Bitcoin environment and services. The perception change pointed out by the survey can be interpreted as a consequence of Bitcoin-related service providers becoming more professional overall. Unlike some years ago, as Bitcoin came to the general public portraited as magic internet, nerdy game, or even deep web money, nowadays there is a very different perspective around it. Cryptocurrencies and its services are now seen as their own industry, or, at very least, a separate asset class by Wall Street folks.
As the history of humanity has always demonstrated, technology is brutal in the way it changes human life. It does not care at all about the establishment's opinion, being purely focused on performance. If it performs better, it will be adopted. We have already seen this with cars, planes, and computers. Now, it's time for the change in money to take place.
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