Nearly half of millennials trust crypto exchanges more than U.S. stock market, eToro survey reveals
Wed, 20 Feb 2019, 09:13 am UTC
Nearly half of millennial online traders have more trust in cryptocurrency exchanges than the U.S. stock market, a new survey from investment platform eToro has revealed.
The nationwide survey, conducted on 1,000 online traders, found that 43 percent of millennial online traders trust crypto exchanges more than the U.S. stock exchanges, while 77 percent of Gen X said that they trust stock exchanges more.
According to the survey results, two-thirds of millennial crypto traders said that they have more faith in crypto than the stock market. Also, among those millennials that do not trade crypto, one-third said they would trust crypto over the stock market.
“Immutability is native to blockchains and that makes real-time audit to be sensible and cost-effective and that is why Millennials and Gen X perceive crypto exchanges as less likely to be subject to manipulation and less likely to be a place where bad actors get rewarded with taxpayer money. As more investors become educated on the benefits of blockchain we’ll continue to see this trend play out,” Guy Hirsch, Managing Director of eToro U.S. said.
Other key takeaways include:
“While both crypto enthusiasts and millennials alike seem to distrust monolithic institutions like traditional exchanges and the largest investment banks that play in them, there’s a great deal of demand from younger investors for offerings from firms that are more recognizable, aren’t perceived to be bad actors and have an infrastructure that can provide personalized and tailored advice,” Hirsch said.
“While there is clearly a demand for crypto assets in 401k portfolios, there are a number of regulatory and market changes that need to occur before it becomes a mainstream offering.”
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