Do Millennials Trust Bitcoin More than Banks?

The rising popularity of Initial Coin Offerings has put digital currency bitcoin more in the public eye, to say nothing of its skyrocketing valuation.

Presently, a single bitcoin is worth just under $7,500. But do millennials trust that digital currency more than traditional banks?

No, a survey released today by venture capital firm Blockchain Capital found. Only 27% of millennials think bitcoin is more trustworthy than incumbent banks like JPMorgan Chase, Wells Fargo, and Goldman Sachs, according to the survey of 2,000 U.S. adults.

However, it could be argued that bitcoin and traditional banks serve separate purposes, at least at the moment. Moreover, these results don’t mean millennials are uninterested in the digital currency; 42% of that generation has a more than passing familiarity with bitcoin, compared to just 15% of those aged above 65.

Additionally, 48% of millennials agree that bitcoin is a “positive innovation” in financial technology, and 42% believe that “most people will be using bitcoin in the next 10 years,” according to the survey.

Take a look at the full survey results here.

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