New Study Shows Millennials Choose Crypto for High Profits
NEWPORT BEACH, Calif: Sustany Capital, a venture capital firm exclusively investing in blockchain technologies, hared the results of a new study that reveals that Millennials are confident in investing in cryptocurrencies.
An overwhelming 88 percent of Millennials said they want to own cryptocurrencies as an investment, with 42 percent desiring to use cryptocurrency as savings. In addition, three-quarters of the Millennials chose banking and finance as the most relevant applications of blockchain technology.
Despite skepticism over cryptocurrencies' long-term value, over three-quarters of all respondents believe purchasing cryptocurrency is a financial investment, while the same number worry about the security of cryptocurrency.
Of the respondents who invested in cryptocurrency, three-quarters had done so because of the chance for high profits. For those who did not invest in cryptocurrency, their reasons centered around knowledge: over half said they did not know enough about it yet. Lack of government regulation was the least significant barrier to investment; for Millennials (21 percent), Gen X (20 percent), Baby Boomers (23 percent), and Gen Z (9 percent).
When citing the most important criterion for deciding whether to contribute to an Initial Coin Offering (ICO), there were striking differences between generations. While 59 percent of Gen Z and 44 percent of Millennials think the most important element is the underlying technology, only one-third of Gen X and one-fourth of Baby Boomers thought the same.
Just over one-third of Gen X consider the most important ICO factor to be the purpose or mission of the project, compared to a meager 6 percent of Gen Z and 12 percent of Millennials. Half of Baby Boomers believe the team behind the ICO is the most important aspect compared to 6 percent of Gen Z and 13 percent of Millennials.
While most respondents heard of cryptocurrency, surprisingly, almost one quarter purported not to know about blockchain technology.
"To understand cryptocurrencies, you must first understand blockchain technologies," said Christian Kameir, managing partner of Sustany Capital. "Blockchain technology - not cryptocurrencies - will impact most industries in profound ways."