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Millennials Sour on Bitcoin, Ethereum, Dogecoin and Other Cryptocurrencies

Fri, 09/30/2022 - 15:09
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Alex Dovbnya
Cryptocurrencies have become significantly less popular with millennials, according to recent survey
Millennials Sour on Bitcoin, Ethereum, Dogecoin and Other Cryptocurrencies
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According to a recent survey published by Bankrate, the percentage of millennials who are comfortable with cryptocurrencies has fallen dramatically in 2022.

The survey shows that one-third of the respondents from the aforementioned age group feel comfortable about investing in cryptocurrencies.

Considering that that figure was at an impressive 50% a year ago, it is safe to say that even millennials, who tend to be the most crypto-friendly demographic, have soured on cryptocurrency following this year's market rout.

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Overall, only roughly one-fifth of American adults is comfortable about putting their money into crypto.

Fair-weather friends

As explained by Bankrate's James Royal, the massive drop in enthusiasm should not come as a surprise since retail investors and traders tend to be interested in crypto mainly when prices are elevated. With Bitcoin, Ethereum and other cryptocurrencies losing more than 70% of their value, crypto has lost its mojo. Young people are less likely to speculate on crypto when prices are not going up, Royal explains.

Royal believes that cryptocurrencies should notbbe viewed as a traditional investment since most of their buyers simply want to sell them at a higher price without thinking about fundamentals. He cites it as the reason why such prominent investors as Warren Buffett are refusing to touch it with a 10-foot pole.

According to Royal, an S&P 500 index would be a more suitable investment option for those who want to look beyond speculation.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at