Ninety-three percent of millennial current or former cryptocurrency holders in the U.S. would consider using their digital coins for everyday purchases, according to a recent survey, suggesting strong interest in cryptocurrency beyond its function as a store of value. The survey of 8,008 American adults was conducted by financial news outlet PYMNTS.com and Bitpay, a Bitcoin payment service.
Fast Facts:
- The report also found that 16% of the respondents either currently owned or had owned crypto in the past. Of those who hadn’t, 92% said a lack of knowledge was the main inhibiting factor.
- The survey found that 51% of crypto owners were more likely to buy from merchants that accepted cryptocurrencies as payment. That preference appears to have been reflected in the recent sale of a luxury property in Miami in which cryptocurrencies were accepted as payment. The developer said the option had generated a great deal of interest, and the sale set a record for the highest price paid for real estate using cryptocurrency: US$22.5 million.
- A survey from Australia recently found that almost 40% of millennials would rather invest in crypto than in real estate. Trent Barnes, a principal at Australian digital asset investment firm Zero Cap told Forkast: “Millennials today where salaries haven’t increased at the same rate that is comparable with the increase in property prices have basically gone to other markets to look for something … like crypto. It’s more volatile [but] there is much more upside.”