48% of US millennials interested in switching to crypto

Just under half of US millennials are interested in using cryptocurrency, according to the results of a new survey from YouGov Omnibus.

The research, which asked 1202 people about their stance on virtual currencies, showed that 48 per cent of respondents in the millennial age group would be interested in switching from the US dollar to cryptocurrency in the future – 57 per cent overall.

The report reads: “Cryptocurrency – a form of digital or virtual money that is generally designed to be decentralised, secure and in many cases, anonymous – is popular amongst Americans. A vast majority (79 per cent) of Americans are familiar with at least one kind of cryptocurrency.”

Awareness is also rising, with 71 per cent saying that they had heard of Bitcoin and 13 per cent saying they were aware of Ethereum. The men surveyed were more likely to have heard of crypto, at 27 per cent of women unaware compared to 16 per cent of men.

That said, knowing about Bitcoin isn’t the same as using it, and 87 per cent of those who reported awareness have had no interaction with the coin. A further 49 per cent of this group said they were glad they had not bought Bitcoin, and have no plans to in the future, compared to 15 per cent who said the opposite.

In addition to the 48 per cent of millennials who said they are interested in crypto, 44 per cent said they thought it would become widely accepted. This dwarfs the 34 per cent of Gen X and 29 per cent of baby boomers who said the same.