Millennials: we do not trust banks, we prefer cryptocurrencies

According to the latest study by Deidre Campbell from Edelman, cryptocurrencies enjoy the greatest interest among young investors. In particular, millenials support bitcoin and other digital currencies.

Never trust banks!

Millenials do not trust banks. At least this is the result of the report. They think that current systems as ineffective and outdated. In their opinion, they are not adapted to the needs of young people.

Last month, like the Deidre Campbell, the American statistical office also made similar claims. Recent studies clearly show that millenials prefer to invest in cryptocurrencies than even in permanent assets such as real estate.

The current results are worth comparing with the research from previous years. It follows from them that cryptocurrencies filled a gap in the investment market. Even in 2015, the Harvard University Political Institute noticed that only 14% of Millenials believe that Wall Street actually cares about the interest of its clients.

After analyzing the results, Kevin Kelly said that the new trend may mean long-term problems for traditional institutions:

“This can certainly be a problem for Wall Street. We have not seen such changes since the financial crisis. The daily headlines appear daily: “Wall Street does it again”, “Another faux pas on Wall Street”, etc. ”

The beginning of problems?

However, cryptocurrencies are not everything. Millennials also value non-cash alternatives, such as fintech applications, from banks. In China itself, AliPay, a platform owned by giant Alibaba, began to account for over 80% of all domestic transactions taking place on the network.

Fintach applications are also a salvation for residents of poorer countries where banks do not function or their operation is very limited. In the Philippines, large banks have a difficult requirement to meet. They want both residents and citizens to keep a minimum deposit of USD 2,000 on their accounts. Thus, they limit access to services for many residents of this country.

Therefore, it is not surprising that cryptocurrencies are popular, which do not limit access to payments to anybody, and are largely independent of banking systems (only cryptocurrency exchanges depend on the institution). The market of fintes and digital currencies also allows you to make purchases using mobile phones.

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