Millennials, who came of age during the Great Recession, have an uneasy relationship with stocks. They’re more likely than other generations to view stocks as risky investments. But when it comes to Bitcoin, the highly volatile digital asset that sometimes rises or drops 10% in just one day, they’re much more optimistic than their grandparents. It doesn’t hurt that Bitcoin has jumped more than 600% this year. Bitcoin Investment Trust, a security that trades based on the price of Bitcoin, is up 661% year to date.
The generational split is evident in a new survey of 2,000 adults by Harris Poll on behalf of Blockchain Capital, a venture capital firm that invests in blockchain-related startups. Bitcoin is built on a technology called blockchain that records transactions in a series of digital blocks.
Millennials are much more knowledgeable about Bitcoin than people who are 65 and older, according to the survey. While 15% of the older generation is at least somewhat familiar with Bitcoin, 42% of Millennials are somewhat familiar. And 27% of Millennials consider Bitcoin, which has no central authority, as more trustworthy than big banks, versus 8% of the over-65 generation.
If given the chance, where would they put their money? Asked if they’d rather have $1,000 in stocks or $1,000 in Bitcoin, 27% of Millennials said Bitcoin, versus just 5% of those over 65.