Survey: Younger Generations Rely on Bitcoin Instead of Physical Gold
By Marko Vidrih on The Capital
Around 7 percent of the 18 to 55-year-old Swiss population have invested money in Bitcoin or in other cryptocurrencies. That’s more than they’ve invested in physical gold. In contrast, for those over 55, the preference clearly lies in the precious metal. The result emerges from a representative survey by Migros Bank.
A survey by Migros Bank shows that among younger generations cryptocurrencies are more popular than physical gold in the form of bars and coins. For example, over 7 percent of 18 to 29-year-olds have invested in Bitcoin or other cryptocurrencies, compared to only 5 percent in physical gold. In the 30 to 55-year-old age group, more than 7 percent invested part of their money in cryptocurrencies; the proportion with investments in physical gold is 6 percent. The preference for over 55-year-olds is clearly gold: 5 percent of the respondents are invested in bars or coins, less than 1 percent in cryptocurrencies.
Physical gold represents a good 5 percent of investment all surveyed investors. A fifth invests between CHF 1,000 ($1034) and almost CHF 2,000 ($2069). A good 10 percent invest between CHF 2,000 and almost CHF 5,000, and at least every third invested at least CHF 5,000.
Common reasons against Bitcoin investments: lack of understanding and fear of loss
Of those who have never been involved in cryptocurrencies, 15 percent can very well or better understand investing in cryptocurrencies and will do it in the future too. The younger they are, the greater this proportion is — for 18 to 29-year-olds it is 27 percent. The willingness is also greater among men: across all age groups, 20 percent of men can imagine a first-time exposure to cryptocurrencies; women, only 12 percent.
On the other hand, what are the reasons why they don’t invest in cryptocurrencies? By far the most common are lack of understanding and fear of losses (33 percent and 30 percent of the mentions). Lack of trust, instability and fear of hacking (8 percent each) and the view that cryptocurrencies do not represent a real equivalent follows with 7 percent.
Across all age groups, 6 percent of those surveyed declared that cryptocurrencies work for them as a savings and investment. Every seventh under 30 wants to invest in cryptocurrencies.
Author: Marko Vidrih
Featured image credit: Pixabay
