As a matter of fact, persons from this generation have expressed their biases for digital currency in no small medium, staying positive that there might be a chance for it to be widely accepted as a general means of payment amongst other uses. According to a recently conducted survey, almost half of persons who hold this opinion would choose the cryptocurrency over U.S fiat currency.
The YouGov Omnibus Online Crypto Survey
Way above half the population of Americans who participated in the survey (79%) know of at least one virtual currency, this is according to a research conducted by YouGov Omnibus, a reputable firm which conducts national online surveys over the years.
The YouGov Omnibus online survey conducted this survey between August 29 and 30 of the same month, and the review was restricted to just 16 virtual currencies, namely; bitcoin, Ethereum, Litecoin, Zcash, Dash, Ripple, Monero, Cardano, Stellar, NEO, EOS, NEM, Dogecoin, Midseason/SafeCoin, Lisk and Storjcoin X.
Also, the crypto survey has revealed that there is relatively a higher level of awareness among men compared to women for almost all the 16 variants of cryptocurrency earlier stated. About 27% of women were ignorant of the existence of cryptocurrencies while that of men is just barely 16%.
Over one-third of all respondents (36%) have shared a similar sentiment that virtual currencies might get to the mainstream which implies that it would be widely accepted for legal sales within ten years to this time. Millennials, well above any other age group were more likely to believe this (44%), compared to 29% of Baby boomers and 34% of GenXers. Similarly, about 34% percent hold the opinion that digital currencies have the potentials to be widely accepted in the short period of 10 years.
Millennials Might Prefer Crypto to U.S Fiat
In the category of persons expressing optimism in virtual currencies, staying positive that it would become widely accepted, millennials are nearly evenly divided between using cryptocurrency in place of the United States Dollar (48%) and not doing so (50%). This result has therefore made millennials the age group with the highest likelihood to use virtual as an alternative for U.S fiat currency.
In the overall result of all respondent, over a third (36%) believe that cryptocurrencies will become popularly accepted as they said that they would be more likely to use a virtual currency instead of the US Dollar. However, the majority of about 57% of total respondents stated that they would not prefer digital currencies for the U.S Dollar.
However, Usage Stays Low
A staggering amount of 87% of respondents who have answered affirmatively to the question of whether or not they know about bitcoin have not used it particular way or own it. Almost half (49%) of those who are aware of stated that they are glad they didn’t invest or hold any virtual currency and the plan not to do so. Also, about 15% have indicated that they regret not purchasing bitcoin at its earlier stage before the boom which as long past.
The survey indicates that persons between the age range of 35 and 54 hold the above-stated opinion, as 21% of them wished they had invested or probably on bitcoin compared to the relatively low 11% of those of 55 years of age and even old.
Also, the survey revealed that Hispanic Americans more often believe digital currencies are used for legal transactions.