Having grown up in the wake of the 2008 financial crisis, is it any wonder that Millennials and Generation Z like the sound of Bitcoin over the traditional banking system?
A survey released today conducted by U.K.-based research firm One Poll, and commissioned by peer-to-peer Bitcoin marketplace Paxful, suggests young people in the United States have a growing interest in Bitcoin and other cryptocurrencies. The trouble is a sizable portion of them still don’t trust crypto—and some even struggle to understand it, according to the report.
The survey polled approximately 500 young people between the ages of 18 and 42 earlier this year and found that nearly half of the Millennial and Gen Z respondents—43 percent—think crypto could replace the U.S. financial system today. And another 26 percent believe it will get there one day soon. (A whopping 98.4 percent associate cryptocurrency with Bitcoin, according to the survey, while 77.4 percent said they’ve heard of Ethereum.)
On the other hand, the survey also demonstrated that more than a third—37.14 percent—of young people don’t yet trust cryptocurrencies such as Bitcoin, citing things like regulation and volatility as concerns. Of those polled, 14 percent of Millennial and Gen Z respondents cited a “lack of understanding” as their main reason for not getting involved with crypto.
In an interview with Decrypt, Paxful CEO Ray Youssef said he believes that many young people are not necessarily looking for the same sort of lending or investment services like their parents. Rather, they’re attracted simply to easier ways of receiving, sending and storing funds. Crypto, he said, can offer these services better than standard financial institutions, though he believes cryptocurrencies are still difficult to utilize—and, therefore, difficult to understand.
“Many people are not gamblers. They just want to make money and make their lives easier,” he said. “Crypto can make lives easier, but nobody…