Why Millennials and Gen Z Are Attracted to Bitcoin

It stands to reason that emerging tech like cryptocurrencies appeals to younger generations. Many millennials were just at around job-seeking age when the global recession caused mostly by corrupt banking practices struck in 2008, and fintech in general is a space that has seen success as an alternative to banks among the youth. Banks have long-been portrayed as an institution of trust and infallibility, but that’s a tough sell to anyone who grew up negatively affected by them.

However, it’s one thing to have a broad understanding that crypto and fintech is popular among the youth. Here are some hard facts that show the growing trend among millennials and gen z.

The Distrust of Banks Runs Deep

I wasn’t just spouting rhetoric about banks earlier – surveys show 27% of millennials actually trust Bitcoin more than banks, a pretty incredible figure when we consider the amount of fintech and crypto payment processing solutions developing crypto banking services right now as an alternative to traditional services.

42% of millennials describe themselves as “somewhat familiar” with Bitcoin, meaning that the figure of millennials who know what Bitcoin is and favor it over banks is much higher.

1 in 4 Millennials Prefer Bitcoin to Stocks

27% of those said that they would rather have $1,000 in BTC than stocks due to the greater potential upside, with that number even higher among male millennials. While only 4% of survey respondents actually owned digital assets, the insight into millennial mindsets regarding crypto was interesting – traditional mainstream finance may no longer be in vogue.

Millennials Support Fintech

Millennials grew up with technology, and they’re comfortable with it. As discussed above, they have little loyalty towards banks – 1 in 3 would switch banks if they saw better services being offered, 50% don’t think their bank offers anything that other banks don’t offer, and 70% would be interested in Amazon or Google offering financial services.

Generation Z Use P2P More Than Millennials

Generation Z, the group of people currently between the ages of 18 – 23, is even more interested in fintech services. A survey showed 79% said they use a digital payment service at least once each month, more on average than their millennial or gen x counterparts.

Generation Zers also pay more attention to price than older adults and exhibit less brand loyalty, simply going for the best bang for their buck every time. 80% of survey respondents said price was the most crucial factor when making a purchase while 50% said name brands are more expensive than private label brands.

The Youth Know Crypto Is Coming

The statistics above focus on different areas of the mindset of younger generations in terms of finance, and they all share the common theme that traditional finance has failed to maintain its appeal to the new waves of adults entering the world of finance.

Bitcoin awareness is on the rise, and of the people who hear about it, more and more are interested, painting a very bright future for cryptocurrencies indeed.

Crypto and Fintech Services – Banks of the Future

Banking and cryptocurrency are natural enemies.

While there is some crossover in projects such as Ripple which augments inter-currency banking services and in JP Morgan’s upcoming new “cryptocurrency”, the two industries are inherently competitive with each posing a threat to the other’s existence.

Despite the (sometimes accurate) portrayal of cryptocurrency projects being mere speculative products to gamble on, the real players in the crypto and fintech industry are those which offer actual financial services that compete with archaic banking services suffering from the innovation stagnation that comes with all long-standing monopolies.

Banks haven’t changed much over the years simply because they didn’t have to – but now it seems that they may have lain dormant and complacent for too long. New, high-tech, hungry competitors have emerged to give the banks a run for their money, so to speak.


Based in the US, Robinhood is a stock trading app which also allows users easy access to cryptocurrency purchase and trade. The firm aims to become a licensed banking institution which will make it an online digital banking solution that recognizes the value of cryptocurrencies and enables users to bank from their phone.

Valued at $5.6 billion, the service is offering millions of customers early access registration to a zero-fee checking and savings service with a 3% rate of interest and a free debit card with free withdrawals at 75,000 ATMs throughout the US. The lack of fees and industry-leading rate of interest demonstrate that Robinhood isn’t messing around and is going after major banks in a very real way.

The service will be offered at first through the firm’s broker-dealer license with all cash deposits insured by the SIPC up to a value of $250,000.

“We expect by the end of the year to be either the largest or one of the largest crypto platforms out there,” Robinhood co-founder and co-CEO Baiju Bhatt said in May. “But we also really feel we’ll have the absolute best experience for investing in crypto as well—from having a large variety of coins available to a more favorable cost structure—mainly no commissions—to just quality of product.”


Coinbase is another major player in the industry, founded in the early days of crypto and managing to maintain and grow its market share by staying relevant through offering convenient ease of access to cryptocurrencies in a space often criticized as overly technical and inaccessible.

Starting off as a wallet and digital currency exchange, Coinbase evolved into a service that offers custodial services for institutional hedge funds and other clients to deposit a minimum of $10 million.

With over 20 million accounts, Coinbase was the entry point for many cryptocurrency investors and traders. The appeal of Coinbase has always been the lack of signup friction – it’s easy to sign up and start buying crypto, and with 2 billion unbanked people in the world, it could be that Coinbase will serve as an alternative to banks.

Users can buy BTC once in person through a service like Local Bitcoins and then use that to fund their Coinbase account, giving them access to the increasingly large amount of goods and services available for purchase with cryptocurrencies.

Revolut, Affirm, Others

Then you have fintech services like Revolut and Affirm. Affirm is a financing alternative to credit cards and other credit-payment products. Affirm offers instant financing for online purchases to be paid in fixed monthly installments over 3, 6, or 12 months, offering more seamless financing options than most banks.

Revolut offers users a free debit card, access to crypto, and zero-fee exchange between fiat currencies. Unlike a bank, if you lose your debit card you can simply freeze it on the app and unfreeze it if you find it again. You can change your PIN number from your phone and travel around different countries without suffering from exchange rate losses.

These are the kind of basic services that it seems banks could have offered all along but simply haven’t bothered. Revolut has already secured a banking license, and its CEO Nikolay Storonsky says that it’s too late for traditional banks to catch up now.

“Our vision is that retail and business customers will be able to apply for a loan in just two minutes from within the app, and then have the money in their account almost instantly,” he added. “We’ll remove the bureaucratic process and come in cheaper than traditional lenders.”

Too Late For Banks?

With a sudden surge of cutting-edge, highly-competitive fintech and crypto banking services offering objectively superior services to banks, it seems that the newcomers are competing with each other moreso than banks which are getting left behind.

Traditional banks have huge amounts of assets at their disposal, as well as public recognition. They also have a reputation tarnished by scandal after scandal, repeatedly engaging in fraud and compromising entire economies. People don’t trust banks any more, and it seems that it’s only a matter of time before they turn to these promising alternatives which may well be the banks of the future – and the future may closer than we think.

Fintech Coalition plans to pay Washington-based Lobbyists in Digital Currency

Several San Francisco-based financial technology companies have joined together to lobby regulators and lawmakers on cryptocurrencies. Interestingly, they have plans to pay their lobbying firm in digital coins. Ripple and several other digital money transfer startups are among this group.

The Motivation behind this Coalition

The name chosen by this new group of companies is “Securing America’s Internet of Value Coalition”, as they plan to achieve interconnected financial systems where payments across the globe can be made instantaneously without the need for middlemen. The group has announced to retain Klein/Johnson Group as their lobbying firm because of their expertise in lobbying for technology and financial services issues.
These efforts come at a time when Congress and government agencies like the Securities and Exchange Commission (SEC) are striving to devise new federal rules for digital currencies and their underlying technology ‘blockchain’. Official concerns surrounding the crypto market are high price swings, usage of cryptocurrencies for criminal activities and several fraudulent public offerings. Majority of the fintech companies are seeking government interventions which promote innovation and competition by reducing barriers to entry in this sector. “These companies plan to weigh in with the Congress, the SEC, the IRS and all other agencies which deal with cryptocurrencies,” said Izzy Klein, co-founder of Klein/Johnson.

Federal Government is interested!

“We comprehend the fact that this is complicated and there is an enormous amount of disinformation on this subject, but we are delighted by the amount of interest in this topic in D.C,” said Chris Larsen, executive chairman of Ripple. The group plans to pay their lobbying firm Klein/Johnson about 10,000 XRP and $25,000 every month. Klein explained that his company will convert the XRP price into dollars when it will mention the payments on federal lobbying forms. Currently, a deeply pressing issue for Ripple is whether its XRP digital token is deemed a security and subjected to SEC regulations or not.

Crypto Is Coming!

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