- UK Finance respond to UK Government White Paper on Brexit
- UK FInance publishes Mortgage Trends Update
- Capgemini report reveals that the financial services industry could expect to add up to $512bn to global revenues by 2020 through ‘intelligent automation’
- Banking Trojans global impact has increased by 50% in last four months
- Emma Technologies FinTech raises £420,000 in seed funding
- Liberis uses Open Banking technology to increase funding access for UK small businesses
- Moneybox closes a £14m Series B funding expired
- Visa Loyalty Solutions(VLS) with FinTech novae launches omnichannel digital points redemption platform available to all issuing banks in Latin America and the Caribbean expired
- Bank of Cyprus completes sale of UK subsidiary to Cynergy Capital expired
- Capital Dynamics to acquire Milan-based Advanced Capital SGR expired
- EQT and other co-investors agree to acquire Saxo Payments Banking Circle from Saxo Bank expired
- Frontierpay opens Asia HQ in Singapore expired
5th December 2017
Savings accounts are history: Millennials want Bitcoin
Crippled by student debt, zero hour contracts and rising house prices, it comes as no surprise that an increased number of millennials are investing their spare cash into Bitcoin in the hope for quick returns.
A survey by CoinSpectator has found that 6 out of 10 respondents purchased Bitcoin in the last 12 months and are now less interested in putting their spare cash into a traditional savings account due to the low interest rates.
Surprisingly almost two-thirds of women have taken it one step further by branching out from Bitcoin and diversifying their portfolios with in other cryptocurrencies such as Ethereum. This comes as a shock as men are the ones who are usually known to take greater financial risks.
The price of Bitcoin has risen considerably from approximately £550 in November 2016, to nearly £7,000 per coin at the time of writing. With such lucrative profits up for grabs, millennials fear missing out not only on making high gains but also on the opportunity to support a self-sufficient banking ecosystem that benefits the user directly.
Although the younger generation prefer saving in Bitcoin, just under half are also on the lookout for a more flexible and modern banking system with 45 per cent stating they hoped their current bank would integrate the ability to purchase, sell and store Bitcoin in the future
“The younger generation are far better connected with technology and are notoriously quick to act on new ideas, ecosystems and gadgets. This has enabled them to invest in cryptocurrencies over the last few years, well before large hedge funds and financial institutions started to get involved,” said Andrew Sung, founder of CoinSpectator.
“We might see a decline in bank usage among the younger generation in the next five years if Bitcoin and other promising blockchain technologies like Ethereum continue to expand and become more user-friendly.”
This survey was conducted online by CoinSpectator among 10,000 18-24 year olds between 1st and 31st October, 2017.