Goldman Sachs Survey: Most Millennials Won't Use Bitcoin

[Zippyjuan]

http://www.coindesk.com/goldman-sachs-survey-millennials-bitcoin/

A new survey published by Goldman Sachs has found that just over half of US millennials believe they will never use bitcoin.

Fifty-one percent of the 752 survey respondents said that they had never used bitcoin nor do they have any plans to do so. Twenty-two percent said they currently use it or have used it in the past, and intend to use it again.

An additional 22% said that they have never used bitcoin before but plan on using the digital currency. Just 5% of respondents said they have used bitcoin but do not intend to use it again.

The data forms part of a broader look at the financial inclinations of millennials, including how the demographic chooses financial services and how they manage money.

Among a group of payment options that included credit cards, Apple Pay and Square, bitcoin wallets scored relatively low in terms of trust. Less than 5% of respondents indicated they trust using wallet services, with Coinbase and BitPay being named directly in the survey data.

Few privacy concerns

Notably, a significant number of respondents displayed a general apathy toward financial privacy.

Goldman asked how willing millennials would be to "accept inconveniences" in exchange for reduced privacy and better security.

Thirty-four percent of male respondents and 48% of female respondents said that they were “not too bothered” as long as their service isn’t directly affected.

Twenty-two percent said that they are in favor of sacrificing privacy for the sake of security, whereas 20% of survey-takers replied that they weren’t willing to give up financial privacy.

Thirteen percent said that they are happy to accept loss of privacy for higher security, while 11% indicated that they didn’t care because they presume the government is already monitoring their transactions.

Respondents also expressed a high aversion to fees, with many suggesting that the costs would be a major influence in their choice of financial provider.

 

[FSP-Rebel]

So 44% of surveyed have plans to use it in the future. That is actually a very encouraging percentage for bitcoin! That means Goldman Sachs is against bitcoin because they chose a pessimistic title.

Conditions will change in the coming years. It will be easier to buy bitcoin and buy things with bitcoin, it will be super fast to send a friend some money (as easy as sending an instant message). Most of those 51% will be promoting bitcoin themselves.

 

[muh_roads]

lol
Somebody over there sure knew how to spin a headline title, didn't they?

Even just 1% of millennial's on board would put it magnitudes above the previous high. 44% would be fap worthy holy jesus. Something like that could cause 1 bit (0.000001 btc) to meet parity with $1. In 2009, one whole btc meeting parity with a dollar sounded crazy back then too.

To the editor...epic math comprehension fail is epic.

 

[TheGrinch]

So 44% of surveyed have plans to use it in the future. That is actually a very encouraging percentage for bitcoin! That means Goldman Sachs is against bitcoin because they chose a pessimistic title.

Conditions will change in the coming years. It will be easier to buy bitcoin and buy things with bitcoin, it will be super fast to send a friend some money (as easy as sending an instant message). Most of those 51% will be promoting bitcoin themselves.

Even more significant is that 22% are already using or have used it. Perhaps Zippy has never heard of the term early adopter.

I'm not a bitcoin supporter either, I still have big concerns about its volatility and sustainability, but this is a very weak attempt at spinning what are actually positive numbers for something that no one thinks is going to replace traditional currency overnight.

 

[Barrex]

It is mostly irrelevant when they say that they wont use it.


It will be like credit cards (visa, american...) they simplify life.Most people never thought that they will be using it. They were faster, you didnt have to carry huge amounts of cash with you... They replaced checks. Bitcoin (or something based on blockchain) will probably replace credit cards.

Most people never thought that they will be using internet, mobile phones, email, wi-fi....and crapload of new technologies.

Respondents also expressed a high aversion to fees, with many suggesting that the costs would be a major influence in their choice of financial provider.

LOL. Number that is showing that Bitcoin dominates with low fees/costs is described as "many". Todays credit cards cant provide service with fees that are on Bitcoins level... but lets not give number of people that would almost certainly switch to Bitcoin because of significatly lower fees...lets just say "many".

 

[Zippyjuan]

So 44% of surveyed have plans to use it in the future. That is actually a very encouraging percentage for bitcoin! That means Goldman Sachs is against bitcoin because they chose a pessimistic title.

Conditions will change in the coming years. It will be easier to buy bitcoin and buy things with bitcoin, it will be super fast to send a friend some money (as easy as sending an instant message). Most of those 51% will be promoting bitcoin themselves.

Coin Desk (a bitcoin site) wrote the headline- not Goldman Sachs. Goldman did conduct the survey.

Just a question- for those who have been buying bitcoin- do you use it as money or as an investment? Do you spend or keep it?

 

[luctor-et-emergo]

I don't know what this shows but if you would ask me what percentage of young people use Bitcoin ? I'd probably say some low number of 1.5% or so. People who've heard of it ? 50% maybe. People who plan to use it some time in the future, 3-5%.

So I guess Bitcoin is a LOT more popular than I thought it was.

I'm fairly certain though that Bitcoin is more popular among those who use it than banks are (among bank clients).

 

[muh_roads]

Just a question- for those who have been buying bitcoin- do you use it as money or as an investment? Do you spend or keep it?

Funny you ask. My car recently died and I convinced a used car dealership a few weeks ago to integrate with bitpay. I didn't pay the whole thing off because I didn't want to use too many. Just a huge down-payment for a really cheap loan rate/period. Which I'll probably balance transfer to these new credit union credit card deals that are offering 0% interest / no balance transfer fees.

For smaller items I would normally buy at the grocery store or department store, I use purse.io as often as I can and get 50% off by marking my desired BTC ask price up. And people are going for my premium ask all the time and they continue to do it. I love that site.

 

[kpitcher]

This doesn't jive with any of the published user base info. There is absolutely no way any significant portion of this group has used bitcoin or the account numbers would be higher. Crap polling in my opinion.

Focusing on the good - Millennials are projected to have 75 million members.. 44% = bring on 30 million more users!

 

[dannno]

When 44% are using bitcoin, the rest will follow.

 

[dannno]

Just a question- for those who have been buying bitcoin- do you use it as money or as an investment? Do you spend or keep it?

Both.

I've been using it at fasttech and misthub, and wherever else I can. I am also constantly stacking up.

 

[dannno]

This doesn't jive with any of the published user base info. There is absolutely no way any significant portion of this group has used bitcoin or the account numbers would be higher. Crap polling in my opinion.

Focusing on the good - Millennials are projected to have 75 million members.. 44% = bring on 30 million more users!

Many of them may not be invested, but I just talked to a 20 year old kid the other day who uses those websites where you can place sports bets against your friends and bet with fake 'credits'. Then you can trade bitcoin or cash in the background. It's pretty popular. Then you have the fact that you have huge open drug markets that sell molly and whatever, everybody who is 20 likes molly.. add in online gambling..

I would say millenials are much more likely to be the major users of this currency than other age groups.

 

[evilfunnystuff]

Just a question- for those who have been buying bitcoin- do you use it as money or as an investment? Do you spend or keep it?

My friend in another state is on my cell phone family plan and sends me his payments in btc, owed him money a couple times and payed him back in btc.

I also traded 1 of the ron paul silver coins i had on here for btc once.

Paid for a vpn and also a seedbox in btc before.

Offered up a BTC award for a tattoo design contest kinda thing on here once, but while i saw a couple ideas i liked a little nothing that quite fit so didn't actually give out the BTC.

Some electronics stuff on bitmit back when it was around.




So ya a little bit, not as much as I'd like to, but BTC is really still in its early adolescence anywho so thats kool.

 

[heavenlyboy34]

Many of them may not be invested, but I just talked to a 20 year old kid the other day who uses those websites where you can place sports bets against your friends and bet with fake 'credits'. Then you can trade bitcoin or cash in the background. It's pretty popular. Then you have the fact that you have huge open drug markets that sell molly and whatever, everybody who is 20 likes molly.. add in online gambling..

I would say millenials are much more likely to be the major users of this currency than other age groups.

Could well be. I'm a millennial and am considering getting into bitcoin when I'm certain that people I regularly do business with accept it.

 

[kpitcher]

Under 30 like Venmo where you can share to your social network your money habits. It's owned by the parent company of PayPal.

https://pando.com/2014/10/08/quartz...d-lives-in-a-totally-different-digital-world/

 

[Working Poor]

I use it save it and get them for free and you can too.

 

[stuntman stoll]

I think it's funny that they give those results a negative spin, but also I think surveys like this are not indicative of the future at all. How may people would have said in 1994 that they would regularly use the internet? Maybe 5%? In his book Peter Thiel referenced a survey of big businesses in the 70's where they all thought they would be using mainframe computers in the future. Instead they're all using $500 personal computers that are networked together.

 

[acptulsa]

Headline writers. They surely know the difference between 'have no plans to' and 'won't'. But their job is to create clickbait, not to report truth.

In other words, most of them are MSM and the rest take their cues from the MSM.