Sunday, December 3, 2017

Traditional banking models may be in their final days as 25% of millennials surveyed are investing in Bitcoin over bank accounts

With the exponential rise of cryptocurrencies, as well as the myriad of banking alternatives such as with Paypal and GoldMoney, traditional banking models may be seeing their twilight as a new survey out shows that the millennial generation is putting their money more and more into cryptocurrencies versus in old school bank accounts.

In the survey conducted by Blockchain Capital, an estimated 25% of millennials reported that they are eschewing banks to instead put their excess money into cryptocurrencies.

Graphic courtesy of Coin Telegraph
One in four millennials are investing their hard-earned money in the leading digital currency Bitcoin instead of opening traditional bank accounts. They claim that they earn more from their Bitcoin investments and their money is safer, according to a survey
Based on the survey conducted Blockchain Capital, 70% of the 10,000 millennials who were polled claimed that they are not content with the interest rates offered by banks and almost 65% said that their money is safer in Bitcoin because they personally control it. 
The survey also showed that nearly two-thirds of female respondents have begun to branch out from Bitcoin and invested in other digital currencies in order to diversify their portfolio. 
Despite their preference of Bitcoin as a form of investment, slightly less than 50% of the millennials surveyed said that they are also looking for a more convenient form of banking and 45% stated that they want their banks to integrate Bitcoin wallets in their operation so that they can directly invest in cryptocurrencies through their existing bank accounts. 
The survey also estimated that the majority of millennials will invest around two-thirds of their savings into virtual currencies. According to the site founder Andrew Sung, the survey results showed that the younger generation is much quicker to embrace new technologies than their older counterparts. – Coin Telegraph


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