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Millennials Want Bitcoin: Banks Are So Passe, Benzinga

Crippled by rising house prices, student debt and underpaid jobs, it comes spil no shock that the junior generation are purchasing Bitcoin te the hope for quick comes back, snubbing traditional savings accounts.

While it might seem like the older generation among us aren&rsquo,t entirely certain what cryptocurrencies like Bitcoin are, more millennials than everzwijn are turning to the digital alternative for their savings. Rather than traditional canap accounts and credit unions, the cryptocurrency Bitcoin is attracting a growing market of millennial buyers, becoming a more solid investment than many would have thought likely. Ter one probe by CoinSpectator that interviewed overheen Ten,000 different individuals, 6 out of Ten millennials confirming that they had bought Bitcoin within the last year alone.

The examine didn&rsquo,t zekering at finding out how many were turning to cryptocurrencies, however, but why they were making the switch, spil well. 7 out of every ten talent some justification, stating that they were unhappy with the rente rates and slow growth expected of most savings accounts. Remarkably, while Bitcoin wasgoed considered a somewhat risky investment a few years ago, almost 65 procent even admitted that they thought it wasgoed a safer place to waterput their money. This is largely down to the greater sense of control they have overheen the currency spil opposed to losing that control to traditional savings institutes like banks.

The figures support the suspicions, too. Considered te total, savers waterput away a whopping &pound,1.Trio trillion into banks and leave it there to accumulate. However, for that &pound,1.Three trillion, they received just &pound,Ten.06 billion. That&rsquo,s an increase of 0.77%. On the other mitt, Bitcoin has risen tremendously ter value spil of late, violating records year on year. Te November 2016, a single Bitcoin cost around &pound,550. Today, at the time of writing this, it is worth &pound,8,400. Early adopters are ultimately kicking off to see the investment pay off and now millennials, spil the most digitally savvy generation, are beginning to grow afraid of missing out on further growth.

It&rsquo,s not just the choice of savings location that&rsquo,s switching, either. More millennials are kicking off to become more self-sufficient and informed about how they grow their finances and manage their banking. Two-thirds of women interviewed te the probe have confirmed that from Bitcoin they have gone on to buy other cryptocurrencies, aiming at some diversification for their portfolio. One explanation that women are more likely to take this step that boys is that the majority are underpaid ter the workplace compared to dudes. While dudes concentrate on higher earnings, women tend to be smarter with how they manage money and take managed risks to earn the same wealth by virtue of investing and gaining comebacks.

Bitcoin had an uncertain beginning, but now few are doubting that it&rsquo,s around to stay. 45 procent of the millennials asked te the survey confirmed that they would like banking to work more conveniently with their investments, integrating Bitcoin wallets so they could manage all their savings and investments options at the same place. A further 70% of those same respondents assured that they were not sated by their comebacks te rente and 75% went spil far spil to say they were being robbed of their money and that they were not being valued spil a customer.

Cryptocurrencies are expected to make two-thirds of all millennials&rsquo, savings te the next five years. People are becoming more technologically and financially savvy and taking control of their money rather than letting banks keep it. The markets are following suit, with &ldquo,large hedge funds and financial institutions (beginning) to get involved&rdquo, spil Andrew Sung of CoinSpectator.com confirms.

The financial landscape is switching thanks to Bitcoin and cryptocurrencies, and millennials are embarking to see a more profitable future than banks are presently providing.

The preceding article is from one of our outer contributors. It does not represent the opinion of Benzinga and has not bot edited.

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