On August 7, 2020 Investorideas.com released a report highlighting the growth of Bitcoin and the entire crypto market in recent times.
The adoption of cryptocurrency seems essential.
The startup company provides investors with market information, paying special attention to the cryptocurrency and blockchain sector.
According to the report, Millennials and institutional investors are behind the huge price surge currently seen in cryptocurrency markets. They are also responsible for the massive growth in both recognition and interest in digital assets.
Bitcoin, in particular, has become a barrier against traditional money and Finance. The latest Forbes report, published on July 16, highlights this fact, noting that institutional demand for BTC is growing amid the ongoing Covid-19 pandemic.
Forbes noted that Grayscale, the company that manages crypto assets, recorded the highest quarterly inflow of investment in history. The figures were approximately $ 905.8 million for the second quarter of 2020, almost double the previous quarterly high of $ 503 million in the first quarter of the year.
Bitcoin is also ranked as Grayscale’s most popular asset. It accounts for 83% of the total investment.
However, new York-based investment company Grayscale also reported significant interest in altcoins: demand for its Ethereum Trust reached ATH, as it accounted for almost 15% of total investment in the second quarter of 2020.
Millennials marking the era of FINTECH.
Along with institutional traders, the millennial generation is playing an important role in revolutionizing traditional Finance as they drive adoption of the crypt.
An online survey conducted in 2019 found that 59% of Millennials have a positive view of Bitcoin. In addition, young people between the ages of 18 and 34 are three times more familiar with BTC than people over the age of 65.
Matt Luongo, CEO of Thesis, noted that Millennials are increasingly using BTC as a long-term investment tool, compared to any other generation.
Luongo argues that Millennials ‘ finances are based on the ability of new technologies to change the way the traditional monetary model works all the time.
He believes that they have led the search for alternatives to traditional banks and brokerage platforms. The CEO of Thesis has concluded that in the coming months and years, cryptocurrencies will be the key to millennial Finance.
The growing interest in cryptocurrency among young people is associated with trading platforms such as Robinhood and Wealthfront. These platforms allow ordinary people to invest in crypto assets and easily get high returns.
Perhaps the main reason Millennials are switching to crypto as an investment tool is that they have grown with the development of the Internet and prefer to pay using digital wallets and online banking.
Thus, BTC, which is the main currency of the digital world, seems more natural to Millennials than the traditional paper currency.