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America is in a flux. At a transition point, a new survey shows that 43% of US Millennials, individuals between 22 and 37 years and heavily influenced by emerging technology, trust cryptocurrency exchanges more than US stock exchanges.

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A survey, conducted by Etoro and commissioned by Provoke Insights, asked 1,000 investors in the US about cryptocurrencies, stock exchanges and their thoughts on 401ks confirming the latter’s inherent distrust for centralized institutions like Banks and now, stock exchanges, a mainstay in US investment circles.

Dentist over Banks

In fact, the survey cements and echoes other studies that found out that banks, despite their role in the economy, won’t be needed going by trends in alternative financial processing gateways.

As per the Millennial Disruption Index, a 3-year study that covered 10,000 Millenials discovered that 71% would rather go to the dentist than listen to what banks had to say.

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Observed, the shift to alternative banking options as PayPal and now Jack Dorsey’s Square Cash, which had 15 million subscribers, saw the number of first time Bitcoin buyers double, pushing their revenue by 244% on a year-on-year basis according to their Q3 2019 report.

$7 Trillion to Millenials in 10 Years

Going by this, it is obvious that there is a leeway for cryptocurrencies to boom as Bitcoin (BTC) will most likely benefit from this generational shift of wealth. Presently, the baby boomers are the wealthiest generation in the history of the US economic cycle and the US’s largest living adult generation.

Enjoying a period of prolonged economic prosperity, it is estimated that they will transfer roughly $64 trillion of their wealth to Millennials in the next decade through to 2030. During this time, the amount of disposal wealth availed to Millenials will jump to $7 trillion, a boon for cryptocurrencies.

25% of Millenials in the US earning $100k or more hold one or more cryptocurrencies in their portfolios. Another 31% are also interested in cryptocurrencies as 9 percent of the American population are BTC holders according to a study by Blockchain Capital.

Bitcoin to Flip Gold: Bobby Lee

If this is the case, then slowly but surely, Bitcoin (BTC) as a global, censorship-resistant and store of value, an alternative for gold, is making in-roads and incorporated in America’s daily activities. This surge of crypto adoption and particularly the trust of digital asset’s ramps is a big plus and a precursor, hinting of a possible shift in trend in the coming years.

If the $7 trillion finds its way to cryptocurrencies, it is obvious that Bitcoin will be the major beneficiary.

According to Bobby Lee of Fundstrat, the pump of BTC to $500k or $1 million a pop in the next decade will result in a market cap flip as BTC cement its place as a preferable digital store of value.

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43% of American Millennials Trust Cryptocurrency Exchanges

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43% of American Millennials Trust Cryptocurrency Exchanges

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A new survey shows that 43% of US Millennials, individuals between 22 and 37 years and heavily influenced by emerging technology, trust cryptocurrency exchanges more than US stock exchanges.

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Dalmas Ngetich

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Dalmas Ngetich , 2019-11-21 00:12:46 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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