The generational movement is underway. Bitcoin is more popular than big banks among young people.
Bitcoin, the plebiscite by the numbers
A new study is causing a stir in the financial sphere. According to a panel of 4,852 participants from 17 countries, Bitcoin has reached a record level of confidence.
The Tokenist Institute, used to shock surveys, has undertaken new research to understand the evolution of customs linked to Bitcoin for three years. Despite its volatility, the decentralized digital currency is gaining popularity.
The question posed to the panel was as follows:
“If you had to choose, which entity is the most trustworthy?”
- a. Bitcoin
- b. Large banks (JPMorgan, Goldman Sachs, HSBC)
In 2017, 82% of participants trusted banks more. In three years, this proportion has collapsed to 53%. The balance of forces is confirmed and could turn to the advantage of digital gold in the coming months.
The generational gap is widening
The teaching of the study is twofold: after analyzing the responses by generation, only one observation is allowed.
Generation Y or millenium (people born between 1981 and 1996) is the one who seems the most prone to change. Indeed, the evolution of opinion within this age group has positively evolved by 24%. A majority of them (51%) now lend Bitcoin more credit than banks.
As indicated in the first part of this brief, the general confidence rate still remains to the advantage of financial institutions. The negative opinion of Bitcoin over 65s and older is the main factor. Indeed, their vision did not change an iota and even slightly deteriorated from 8% to 7% of confidence between 2017 and 2020.
While generational blame could be an easy shortcut, it's easy to understand why seniors have such a different approach to Bitcoin. This study, despite its comforting tone for all proponents of decentralization, can also prove to be a lawsuit against the attitude of banks. One thing is certain, the creation of Satoshi Nakamoto leaves no one indifferent.
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