Investing has shifted in overwhelming fashion for the younger generation. Almost half of the millennial online traders are putting their money into cryptocurrency exchanges rather than the stock market. On the flip side, the vast majority of Gen X feels the complete opposite. No surprise there.
Thanks to the 2008 market crash, young investors are seeking other options and Bitcoin couldn’t have come at a better time. According to the Wall Street banks, they are predicting a 50 percent chance of a recession within the next several years.
Most coin prices are down 80-90 percent but that hasn’t stopped the millennial investors confidence. Now with the prediction of Bitcoin Exchange Traded Funds becoming a reality in 2019, there is now a growing hope for institutional investment into the industry.
The investment platform eToro compiled data and discovered that 43 percent of millennial traders confide in crypto markets over the traditional stock market. Of that group, 93 percent said they would invest more into digital assets if traditional financial institutions created the option on their exchange. In addition, 71 percent of the current millennials who don’t actively invest or trade in cryptocurrency said that they would be willing to do so if it were offered by traditional brokerages. You can see where the sway of the industry lies.
Cryptocurrency integration is on its way and 43 percent of millennials are more likely to play a part in new trends such as allocating digital assets into their 401(k) and retirement plans. An even greater portion would at least like to receive the option of digital assets in their retirement funds.
One of the biggest developments in cryptocurrency was the announcement of JP Morgan Chase to create the JPMCoin for cross-border transactions. JP Morgan is the first US bank to create a digital coin. This move sheds light on the growing level of crypto acceptance currently taking place on Wall Street. With younger investors entering the market, traditional financial outlets will be forced to modernize to keep interest and meet their needs.