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Cryptocurrencies as an alternative financial service for millennials

According to a data, young people in the United States are using crypto assets to improve their financial situation.

Morning Consult’s January survey, “The State of Consumer Banking & Payments,” found that Millennials are supporting new technologies to help them make financial decisions at a faster rate than any other generation. Charlotte Principato, a financial services analyst, gathered information from 50,000 people who took monthly surveys in the United States and around the world from July to December 2021.

She said the surge in cryptocurrency adoption in 2021 was an outlier among the figures that stood out to her when preparing the research.

By December of last year, almost 48 percent of millennial households owned bitcoin, up from around 30 percent in June. At the same time, 20% of all adults in the United States said they had bitcoin.

According to the survey, millennials’ usage of alternative financial services like cryptocurrency may be due to financial well-being scores that have been “consistently lower than the national average” since June 2021. In December of last year, the world average was 50.98, and the Millennial generation was still at 49.54, which is the same as last year.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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