What’s Going On?
Around half of US Millennials would consider swapping the US dollar for crypto as their main consumer currency, it has emerged.
Why Does It Matter?
The survey by YouGov Omnibus, which collected answers from 1202 respondents over two days in August, assesses the interest of respondents in using crypto in everyday life, reported Cointelegraph.
Bitcoin leads the field in terms of awareness, reported CCN; 71 percent of participants recognised it by name. The next best-known crypto was Ethereum, which was recognised by 13 percent. The survey listed 16 cryptocurrencies: Bitcoin, Ethereum, Litecoin, Zcash, Dash, Ripple, Monero, Cardano, Stellar, NEO, EOS, NEM, Dogecoin, Midseason/SafeCoin, Lisk and Storjcoin X.
Wise Heads On Young Shoulders?
A majority (57 percent) of respondents said they would not be interested in moving away from the US dollar to a mainly crypto consumer environment, but Millennials are almost equally split between being interested (48 percent) and not interested (50 percent).
Although relatively few people have current plans to buy Bitcoin, more than one-third (36 percent) of people think cryptocurrencies will become widely accepted as a means of transaction for legal purchases, said YouGov. Millennials (44 percent) are the most likely of any age group to say cryptocurrency will be widely accepted. About one-third (34%) of Gen X’ers and 29 percent of baby boomers agreed.
“However, a near-equal amount (34 percent) of people do not think cryptocurrencies will become widely accepted within 10 years’ time,” said YouGov Data Journalist Jamie Ballard. “This could potentially be connected to the fact that many perceive cryptocurrencies to be used mostly for illegal purchases. One quarter (25 percent) say they think cryptocurrencies are used more for illegal purchases rather than legal ones.”