75% Believe Banking and Finance Most Relevant Application of Blockchain Technology
With all the media hype surrounding the seemingly overnight rags-to-riches stories of early cryptocurrency adopters, Sustany Capital surveyed 1,000 American adults familiar with cryptocurrency to learn about sentiments and perceptions.
An overwhelming 88 percent of Millennials said they want to purchase cryptocurrency because it is a good investment, with 42 percent desiring to use it as savings. In addition, three-quarters of all Millennials believe banking and finance is the most relevant application of blockchain technology.
Despite skepticism over the legitimacy of cryptocurrency’s value long-term, over three-quarters of all respondents believe purchasing cryptocurrency is a financial investment, while the same number worry about its security.
Of the respondents who had invested in cryptocurrency, three-quarters had done so because of the chance for high profits. For those who had not invested in cryptocurrency, their reasons centered around knowledge: over half said they did not know enough about it yet. Lack of government regulation was the least significant barrier to investment; for Millennials (21 percent), Gen X (20 percent), Baby Boomers (23 percent), and Gen Z (9 percent).
When citing the most important criteria for deciding whether to contribute to an ICO, there were striking differences between generations. While 59 percent of Gen Z and 44 percent of Millennials think the most important element is technology, only one-third of Gen X and one-fourth of Baby Boomers thought the same.
Just over one-third of Gen X consider the most important ICO factor to be the purpose or mission of the project, compared to a meager 6 percent of Gen Z and 12 percent of Millennials. Half of Baby Boomers believe the team behind the ICO is the most important aspect compared to 6 percent of Gen Z and 13 percent of Millennials.
While all respondents had heard of cryptocurrency, surprisingly, almost one quarter purported not to know what the underlying blockchain technology is.
Other interesting facts include:
- 33 percent of respondents started investing in cryptocurrency in 2016 or earlier
- Only 6 percent of Gen Z and 11 percent of Millennials want to own cryptocurrency to purchase items domestically, compared to three times the number of Gen X (24 percent) and Baby Boomers (32 percent), respectively
- More than twice (39 percent) as many people whose income is over $100 thousand per year say they would consider investing in cryptocurrency when there is more government regulation, compared to those whose income is under $50 thousand per year (19 percent)