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Millennials have long been predicted to become one of the drivers of Bitcoin’s (BTC) future growth. A recent study by Mastercard revealed that there is indeed a growing interest in cryptocurrency among members of the age group.
The new study by Mastercard titled “Consumer Appetite for Digital Payments Takes Off” and published on May 4 revealed that the attitude of the majority of millennials has become generally positive. “Millennials globally and those in the Middle East and Africa are especially engaged in the cryptocurrency conversation, with more than half (67%) agreeing they are more open to using cryptocurrency than they were a year ago,” Mastercard said.
However, lack of education seems to be a major factor that’s stopping them from adopting crypto. “In addition, 77% of Millennials are interested in learning more about cryptocurrency, while 75% agree they would use cryptocurrency if they understood it better,” the payments giant added.
Based on the U.S. Census Bureau’s classification, millennials are those born between 1982 and 2000 making them between the ages of 21 and 39 years old, according to Cointelegraph. Mastercard’s survey included 15,500 people across 18 countries but it is unclear just how many of the survey’s participants are millennials.
While millennials are leading the trend of viewing cryptos more positively, the general public is not that far behind. The study also revealed that “4 in 10 people (40%) across North America, Latin America and the Caribbean, the Middle East and Africa, and the Asia Pacific say they plan to use cryptocurrency in the next year.”
But it’s not only cryptocurrencies that people are slowly warming up to. The pandemic lockdown last year has forced people to consider and embrace all forms of contactless payment options, such as cryptocurrency, biometrics, contactless, or QR code, to the point that 71 percent of the respondents expect to use cash less moving forward.
“The pandemic made us think differently, partly out of necessity,” Mastercard Chief Product Officer Craig Vosburg said. “To deliver the choice and flexibility that consumers need – and increasingly expect –retailers worldwide need to offer a range of payment solutions that are easy to access and always on. As we look ahead, we need to continue to enable all choices, both in-store and online, to shape the fabric of commerce and make the digital economy work for everyone.”
