Savings Accounts Are So Passé: Millennials Want Bitcoin

A recent survey shows that millennials are unsatisfied with their savings accounts' interest rates and prefer investing in Bitcoin.

Bitcoin’s made headlines everywhere as it rammed through records on a regular basis recently, hitting a value of over $8000 now.

This phenomenon has made the cryptocurrency attractive for younger folks who are looking for newer ways to invest their hard-earned cash.

A recent report shows that millennials feel safer storing their wealth in Bitcoin than they would in their savings accounts.

70 percent of the 10,000 people aged 18-24 responding to the survey said that they are unhappy with the interest rates offered by their banks on their savings. 10 percent were satisfied, while 20 percent have said that they are unsure.

In the meantime, 65 percent of respondents feel that it is “safer” to store their wealth in Bitcoin, than it would be in a savings account.

“The younger generation has been notoriously quicker to act on new technologies, including the latest smartphones, which have enabled millennials to invest in Bitcoin over the last few years, before large hedge funds and financial institutions started to get involved,” said Andrew Sung, founder of Coinspectator, the organization that conducted the survey.

It may be true that millennials do not fancy savings accounts, but that doesn’t mean that they want to swear off banks altogether. 45 percent of them hope that they could integrate Bitcoin wallets, which would make it easier for them to purchase the cryptocurrency directly through their systems.

Ethereum has also come into the limelight as two-thirds of female respondents and a quarter of male respondents have invested in it.

The results of this survey seem to reflect an attitude in millennials that was visible since the Blockchain Capital survey was conducted earlier this month, where a third of respondents felt that they’d prefer to have a $1,000 equivalent in Bitcoin than the same amount in government bonds.