Two Billion New Bitcoin Users? 92 Percent of Millennials Don’t Trust Banks
Earlier in 2016, Facebook IQ, a team of researchers, scientists and analysts funded and supported by Facebook Inc., published a white paper entitled “Millennials + money: The unfiltered journey” to evaluate the beliefs and thoughts of today’s youth on traditional banking and financial systems. The paper found that 92 percent of millennials firmly expressed their distrust of banks. The general population, including millennials, are rapidly developing a sense of awareness towards the manipulation, monopoly and control that banks and financial institutions impose on user funds and money. Cash....
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A new survey published by Goldman Sachs has found that just over half of US millennials believe they will never use bitcoin. Fifty-one percent of the 752 survey respondents said that they had never used bitcoin nor do they have any plans to do so. Twenty-two percent said they currently use it or have used it in the past, and intend to use it again. An additional 22% said that they have never used bitcoin before but plan on using the digital currency. Just 5% of respondents said they have used bitcoin but do not intend to use it again. The data forms part of a broader look at the financial....
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NYSE Chairman Jeffrey Sprecher recently appeared on CNBC's "Power Lunch" where he briefly expressed his views on the digital currency Bitcoin, and its underlying technology Blockchain. The Wall Street veteran said that the millennials trust Bitcoin more than they trust the government-backed fiat currencies, and further acknowledged its potential to be a game-changer. By making references to other progressive software applications, Sprecher stated: "Young people, Millennials, trust their app and how many stars you give a driver, more than they trust the New York Taxi Department who vets and....
Facebook's survey has indicated a lack of trust in the conventional financial institutions among the millennials. Bitcoin and other cryptocurrencies have gained a lot of traction in the past few years. Even though Bitcoin has been around since 2009, its mainstream adoption started to gather steam only during the last 3-4 years. While one side of the argument states that its notoriety due to increased usage on darknet marketplaces to be the reason, the answer may lie somewhere else. A recent survey conducted by Facebook IQ has shown that a majority of the millennials (individuals between....