[2018-07-31] Millennials 5 times more likely than adults to save BTCs for future

[Thekool1s]

From the article: The future of bitcoin remains a topic of hot debate, but young people are significantly more likely to trust the cryptocurrency than their older counterparts.

That's according to a new survey from Bankrate, which found that 5 percent of millennials (defined, in this case, as those aged 18 to 37) say bitcoin is the best place to put money they won't need for 10 years or more. Only 1.2 percent of Gen X-ers (ages 38 to 53) favor it for long-term saving, and less than 1 percent of boomers (ages 54 to 72) do.

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My thoughts: Being a Millennial myself i think the same. I have recommended my dad and other family members to invest in BTC. Most of them don't understand the technology and some of them just want to profit off from it. I remember when i said to my dad when BTC was at 1.5K USD Last year to buy at least 2 BTC but he said he won't invest in something virtual, One of his friends said its a Ponzi. The Same dude bought BTCs when it reached $6K after the drop from $20K. On the other hand, my Best Bud who bought 6 BTC Last year at $1.2K is still holding them. He could have profited at when BTC reached $20K but he believes in the technology and is hodling like a champ.

Wouldn't recommend you guys to read the article, its all the usual BS which goes around from BTC being too volatile to never put all your eggs in one basket etc.

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[richardsNY]

I had an interesting discussion with someone in the 50s about how Bitcoin has no value because it's not issued by the government. Regardless of how hard I tried to refute his arguments, it was like I kept talking to a wall. It had no effect at all. He didn't even want to hear anything about how government issued fiat currencies are doomed to fail and yet again no constructive input. Some people are brainwashed to the core and can't be helped anymore. I'm no longer wasting any time on these people because there is nothing to gain for me. It's only a loss of precious time I could have spent elsewhere in a more productive manner.

[vy99]

From the article: The future of bitcoin remains a topic of hot debate, but young people are significantly more likely to trust the cryptocurrency than their older counterparts.

That's according to a new survey from Bankrate, which found that 5 percent of millennials (defined, in this case, as those aged 18 to 37) say bitcoin is the best place to put money they won't need for 10 years or more. Only 1.2 percent of Gen X-ers (ages 38 to 53) favor it for long-term saving, and less than 1 percent of boomers (ages 54 to 72) do.

m/2018/07/30/more-millennials-than-older-adults-say-bitcoin-is-the-best-way-to-save.html]Read More

My thoughts: Being a Millennial myself i think the same. I have recommended my dad and other family members to invest in BTC. Most of them don't understand the technology and some of them just want to profit off from it. I remember when i said to my dad when BTC was at 1.5K USD Last year to buy at least 2 BTC but he said he won't invest in something virtual, One of his friends said its a Ponzi. The Same dude bought BTCs when it reached $6K after the drop from $20K. On the other hand, my Best Bud who bought 6 BTC Last year at $1.2K is still holding them. He could have profited at when BTC reached $20K but he believes in the technology and is hodling like a champ.

Wouldn't recommend you guys to read the article, its all the usual BS which goes around from BTC being too volatile to never put all your eggs in one basket etc.

This might be a stupid (and newbie) question but how were you able to post the link on here? I kept trying to post this article but it was being flagged as being from an unsafe website.

[1BTC EQUALS 1CAR]

I'm a millenial and I really see bitcoin more valuable and the best option for saving money. I think it is because of the mindset of this young generation which is to hustle as early as your age and grab every opportunity that is available to us. I'm sure that that term YOLO that we always say explains why.

[Thekool1s]

I had an interesting discussion with someone in the 50s about how Bitcoin has no value because it's not issued by the government. Regardless of how hard I tried to refute his arguments, it was like I kept talking to a wall. It had no effect at all. He didn't even want to hear anything about how government issued fiat currencies are doomed to fail and yet again no constructive input. Some people are brainwashed to the core and can't be helped anymore. I'm no longer wasting any time on these people because there is nothing to gain for me. It's only a loss of precious time I could have spent elsewhere in a more productive manner.

I feel ya, To be honest, I have given up convincing people out of my age group. They are not worth my time. The values have been implanted in them over a period of several decades. it's hard to swallow a pill which challenges your perceived reality on this scale.

[prehisto]

The same here,  i dont trust in money printing machines which are banks with my money, i dont trust the system at all.
I rather put my money in BTC than in conventional finance system .

I have on several occasions educated my family about basics of block-chain and advantages but most of them remain skeptical, i believe it will change with time.

[aigeezer]

"Adults"? What a strange headline.

These ageist threads always trigger me though. I started mining BTC in early 2011. I'll be 75 in a few weeks - too old to be a boomer, but never too old for crypto.   

Correlation is not causation. It's not about age, it's about vested interest, curiosity, awareness, appetite for risk, perceptions, and so forth imho.

We live in interesting times.


       

[Thekool1s]

"Adults"? What a strange headline.

Couldn't add "Boomers" cause of word limit.

Correlation is not causation. It's not about age, it's about vested interest, curiosity, awareness, appetite for risk, perceptions, and so forth imho.

We live in interesting times.

Indeed.

These ageist threads always trigger me though.

Well, it makes me proud that our younger generation is on the right path .

I started mining BTC in early 2011. I'll be 75 in a few weeks - too old to be a boomer, but never too old for crypto.

You are never too old for anything if you have the will and determination

[kevoh]

Correlation is not causation. It's not about age, it's about vested interest, curiosity, awareness, appetite for risk, perceptions, and so forth imho.
       

Thank you very much for this! I was beginning to ponder if there exists any relationship between age and having Bitcoin saved somewhere.

[stomachgrowls]

"Adults"? What a strange headline.

These ageist threads always trigger me though. I started mining BTC in early 2011. I'll be 75 in a few weeks - too old to be a boomer, but never too old for crypto.   

Correlation is not causation. It's not about age, it's about vested interest, curiosity, awareness, appetite for risk, perceptions, and so forth imho.

We live in interesting times.


       

Wow didnt expect that theres someone on this age who do involve and one of the earliest adopters of Bitcoin itself. I agree on the thing you do said that age wont really matter yet our interest and curiosity will definitely drive us in if we do see new good things no matter how old we are but the fact or the difference with those millennial's is just they are more susceptible to new tech compared to older ages when it comes to percentage.

[magneto]

Very interesting stats indeed.

Can't say that I'm surprised though, because bitcoin is obviously mostly used by younger generations right now. It's part of the reason why I believe that it's got a bright future ahead of it. Assets and investments that younger people invest and hold belief in currently tend to gain more value in the future, as their own financial capabilities increase.

However, this does highlight a huge issue that bitcoin has, which is its accessibility to non-computer-literate people, or not so competent computer users. Even though this is an issue, we can already see this being combated through the development of new more user friendly and intuitive services or clients. If bitcoin does go mainstream, there would definitely be no problem with older generations accessing it, I'm sure.