It seems that the younger American generation has a different mindset, according to reports, they like their brunch with avocado toast and they might even be moving in with their parents and not able to pay off their student loans. They also might killing off a lot of older industries and they are seemingly living differently than their older counterparts. New research shows that this mindset also carries over into their investing as well. As millennials purchased shares of SNAP despite the downturn that it’s been facing quarter after quarter, seemingly investing because they use it and that their friends use it, so it must be a good investment right? They also seem to be embracing bitcoin unlike the older generations who keep crying out Ponzi scheme or pyramid scheme every time the notorious “b word” is uttered in their presence.
It’s been said that the younger generation has commitment issues but it looks like they are long on cryptocurrency and married to bitcoin, not necessarily until death does them part, but at least until the price hits over $190,000 per bitcoin… at least according to a recent survey.
This new found commitment to bitcoin, was recently recorded in survey published by LendEDU. The survey shows that these young bitcoin enthusiast survey takers will be “hodling” the precious digital coins until the price hurdles over $190,000 per coin.
LendEDU, which was founded in 2014 and describes itself as an online marketplace for student loan refinancing, conducted the survey with 564 Americans participants who have invested in the digital currency, bitcoin. The goal of the survey was to find out if the present enthusiasm will stand the test of time and will last into a distant time horizon.
The distributed poll realized that the average pioneer cryptocurrency hodler does not have any interest in selling their investment until the coins have reached at least a value of $193,165, somewhere in the region of the average US house price.
A little less than 50% of these survey takers stated they believe that the currency is a “world changing technology”, while around 22 percent of them see it as a long term store of value similar to gold or silver. The last final 8% stated they were using the currency for conducting transactions.
The survey also took into account exactly how long these investors would hodl and the report found that “In our thinking, a short investment time horizon would be a negative for the price of bitcoin. Alternatively, a long investment time horizon would be a positive for the price of bitcoin.
Of those asked, only 16.49 percent indicated that they were planning to hold their bitcoin for less than one year. This highlights that only a small number of investors are only in it for the short-term. Those planning to hold their digital currency for one to three years rose to 39.54 percent. However, on the flip side, only 11.70 percent expect to hold on for over 10 years.
Just 32.62 percent of respondents have sold some of their bitcoin since investing; however, the majority, at 67.38 percent, stated that they had not sold any since their first purchase.”
LendEDU has conducted these crypto focused surveys in the past, and have found that many of the young American students have heard about bitcoin. They’ve also found some other interesting insights similar to this, such as younger Americans are more likely delve into the world of crypto from ether to bitcoin and beyond than the older generations.
Final Point: this is what this generation is saying when things are looking up, will they stick with crypto in both sickness and in health, in it’s downturns and potential slumps?