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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Is The Answer: Survey Results Reveal Growing Millennial Distrust in Big Banks

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin big bank distrust millennials

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Millennials like many things, like avocados, Telsa, Beyond Meat burgers, and Bitcoin. What they don’t like, is big banks.

New data shows that distrust in big banks is growing amongst the age group, rising by 29% over the last several years since the crypto bubble.

Millennials Prefer Crypto, Boomers Stick With Stocks

While Baby Boomers have always preferred the stock market and traditional equities, millennial distrust towards big banks and Wall Street have led the consumer group toward emerging assets like Bitcoin and other cryptocurrencies.

Retail investors among this age group dominated the early adopter user group that helped fuel Bitcoin’s rise throughout 2017. At peak hype an exuberance, a survey questioned a variety of age groups regarding the then flaming hot cryptocurrency.

Related Reading | Data Shows Crypto More Likely To Pump Following Consolidation, 20% Move Anticipated

Of the respondents, only 18% said they would trust Bitcoin over big banks.

Among Bitcoin’s many beneficial attributes, its trustless, decentralized design remains one of its most valuable. No third-party can control the network, nor can a third-party stop it.

Other aspects of its design allow users to be their own bank, removing the need to rely on big banks that greedily influence monetary policy.

bitcoin millennial distrust big banks

Survey Reveals Majority of Millennials Trust Bitcoin Over Big Banks

Today, the survey shows a massive boost in those trusting Bitcoin over big banks. The number has risen by 29% to 47%, just three years later.

The information is particularly interesting because the previous survey was taken during a time there had never been more hype for the cryptocurrency.

Over time, have more investors learned more deeply about the asset’s potential benefits? Or could a sudden shift in distrust in governments and big bank buddies have caused a significant skew in results?

Related Reading | This Volatility Measuring Tool Is Signaling One of Bitcoin’s Biggest Moves Yet 

The data also shows that the majority of millennials polled prefer trusting Bitcoin over big banks, while Baby Boomers prefer big banks over Bitcoin by far.

Additional data indicates that this age group in particular may help further adoption in the coming years. 14% of millennials claimed they already owned Bitcoin, while 44% say that they plan to within the next 5 years, paving the way for significant future adoption.

Data shows that if cryptocurrency technology follows the path of the internet in terms of adoption rate, it could reach a similar level of adoption by the year 2043 – reaching nearly 50% of all consumers.

However, quickly growing distrust in the government and big banks, among other reasons, may have caused adoption to hasten.

Recently, the leading cryptocurrency by market cap was mentioned on-air by protesters suggesting it is just one of many ways individuals can “opt-out” of the current, dangerous monetary policy and manage your own finances.

A wave to distrust is spreading across the world, and as things potentially get worse, more users could turn to a trustless store of wealth like Bitcoin.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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