A new survey found that millennials are moving away from traditional investment options – and toward cryptocurrency.
Bitcoin is now the new favorite investment vehicle for people age 18 to 34, rather than stocks, according to a survey from Blockchain Capital, a venture capital firm. About 30% of millennials said they would prefer $1,000 worth of Bitcoin over $1,000 in government bonds or stocks, Bloomberg reported. Only 2% of Americans actually own or have owned Bitcoin or another cryptocurrency.
While the investment has proved volatile at times, Bitcoin has had an extremely successful year. It’s been breaking records and helped push the larger cryptocurrency market over $200 billion, Bloomberg noted. Bitcoin also closed at an all-time high of $7,372 Monday. It was worth around $700 just a year ago.
The survey also found that younger Americans are more aware of the investment option. About 42% of millennials are familiar with Bitcoin compared to 15% of those 65 and over. The study included responses of 2,000 people.