Just under 50 percent of millennials are interested in using cryptocurrencies as a primary form of payment as opposed to using the U.S. dollar, a new survey by polling firm YouGov found.
The company released the results of its latest poll Thursday, which asked 1,202 Americans about their familiarity and interest in cryptocurrencies on August 29 and 30. According to a press release, 79 percent of respondents have heard of at least one type of cryptocurrency, with 71 percent saying they have heard of Bitcoin. The second-best known cryptocurrency was ether, with only 13 percent of respondents saying they had heard of it.
That being said, the release noted that 87 percent of the individuals who have heard of Bitcoin have not mined, bought or sold the cryptocurrency. Half of this group also does not plan to purchase Bitcoin in the future.
According the full results, 19 percent of respondents aged 18 to 34 are “very interested” in using cryptocurrencies primarily, with a further 29 percent being “somewhat interested.” On the other hand, 50 percent of millennials said they were not very or not at all interested in primarily using cryptocurrencies as a payment method.
The numbers change somewhat with other age demographics, with only 36 percent of respondents overall interested in using cryptocurrencies as a payment method.
Further, a significant number of individuals believe cryptocurrencies may become a “widely accepted” financial tool in the future. The release stated that:
“Although relatively few people have any immediate plans to buy Bitcoin, more than one-third (36 percent) of people think that cryptocurrencies will become widely accepted as a means of transaction for legal purchases within the next 10 years. Millennials (44 percent) are the most likely of any age group to say cryptocurrency will be widely accepted. About one-third (34 percent) of Gen X’ers and 29 percent of baby boomers agreed.”
That being said, a quarter of all respondents believe that cryptocurrencies are still used mainly for illegal purchases, with another 19 percent split between thinking they are used equally for legal and illegal purchases. Only 17 percent of respondents think cryptocurrencies are mostly used for legal purchases.
Survey image via Shutterstock