There is a meme that says the crypto community is crowded with Millennials and Generation Z people born after 1981. Apparently, that’s more than just a meme – it’s a fact.
New data from Charles Schwab, one of the largest brokers in the United States, show that the “Grayscale Bitcoin Trust”, which trades under the ticker GBTC on over-the-counter markets, is one of the most popular millennial stock holdings. This statistic is somewhat in contrast to the 50% decline Bitcoin price has experienced over the last five months.
Bitcoin at Millenials more popular than Disney, Netflix and Microsoft
On December 4, Charles Schwab published a report on his client’s most popular assets by the end of the third quarter.
Millennials born after 1981 and prior to 1996 have therefore allocated 1.84 percent of their collective net assets to the Grayscale Bitcoin Trust. The BTC-related vehicle is thus more popular than Berkshire Hathaway, Walt Disney, Netflix, Microsoft and the Alibaba Group. This makes GBTC the fifth most popular investment among Millenials – on Facebook with 3.03 percent, Tesla with 3.22 percent, Apple with 6.18 percent and Amazon with 7.87 percent.
Sure, 1.84 percent is not a “mass adaptation” per se, though many in the crypto community hugely welcome this statistic. Mike Dudas, CEO of the publication The Block, writes: “Statistics are the clearest sign that small investors have a demand for Bitcoin over traditional investment accounts.”
Millenials love Bitcoin
It is likely that the investments associated with Bitcoin will continue to increase from here. A survey by Blockchain Capital industrial venture fund published in early 2019 revealed that US Millennials have overwhelming interest in BTC.
The survey of 2,029 American adults found that 59 percent of 18-34 year-olds agree “strongly” or “fairly” that “Bitcoin is a positive innovation in financial technology.” 42 percent of the same target group said they wanted to buy BTC within the next five years.
Cryptanalyst Willy Woo on this:
“For the sake of economic equality, it is our duty as Gen-Xer and Millennials to take down Boomer’s wealth. Thanks to Peter Schiff, he’s such an ally. “
Because it is an asymmetric investment that analysts claim has a strong risk-return profile, Bitcoin gives millenials the ability to intervene in the wealth of other generations.