Bitcoin Remains a Safe Haven Asset for 67% of Millennials in 2023 – but Why?

Bitcoin (BTC) remains a safe haven for millennials to invest their money, and has been for the past couple of years despite the market downturn. But why, exactly, is that the case?

Bitcoin, the largest cryptocurrency, is seen as a hedge against inflation and a store of value. With central banks worldwide printing money to stimulate their economies, many investors across different age cohorts fear the devaluation of fiat currency. Bitcoin’s fixed supply of 21 million coins and decentralized nature makes it an attractive alternative to traditional currency. 

The COVID-19 pandemic has also played a role in the increased interest in Bitcoin. With the turmoil of stock markets and the global economy, investors are turning to Bitcoin as a safe haven investment. 

The Growth of Affection Toward Crypto 

The value of Bitcoin has fluctuated wildly, reaching more than $60,000 in 2021 to trading at around $22,000 at press time. Despite concerns over fraud and scams, investors, especially millennials, are willing to take the risk and view Bitcoin as a viable investment option. And as the cryptocurrency market grows and matures, more enthusiasts are jumping on the Bitcoin bandwagon. 

According to a report, millennials are more likely to take a risk when it comes to investments, with 67% viewing Bitcoin as a safe haven. 

Generations’ consideration of Bitcoin a safe haven Source: BanklessTimes

Most millennials that participated in the survey believe bitcoin will go mainstream in the following years. They also see it as a better monetary tool than the dollar, euro, or other fiat currency. 

Speaking to BeInCrypto, BanklessTimes CEO Jonathan Merry stated: 

“Millennials consider BTC a safe haven due to its decentralized systems and increased security. It gives them the power to diversify their investments, which is important in times of economic uncertainty.” 

For instance, in 2021, nearly 50% of millennials, those aged between 25 and 40, were comfortable with crypto investments. Last year also saw a similar narrative as the cohort chose cryptos and Bitcoin in their retirement plans.

This is contrary to the belief of most people, particularly GenX and Baby Boomers, who are more skeptical about Bitcoin and its potential for success.

Understanding the Reason Behind the Affection

Millennials, also known as Generation Y, are those born between 1981 and 1996. They are considered to be the first generation to grow up with technology and are known for their tech-savviness and willingness to embrace new technology. This is one of the reasons why many millennials have shown an interest in cryptocurrency. 

Cryptocurrency has become increasingly popular in recent years, and millennials are one of the demographic groups driving this trend. For many Millennials, the appeal of cryptocurrency is rooted in its decentralization and the fact that it operates outside traditional banking systems. This can make it an attractive investment option for those looking to diversify their portfolios or want to take control of their financial future. 

Another factor contributing to millennials’ affection for cryptocurrency is their distrust of traditional financial institutions. Many millennials were coming of age during the 2008 financial crisis, which impacted their views of the financial system. They saw first-hand how the banking system could fail and are looking for alternative options. 

How has the financial crisis affected millennials’ wages since the financial crisis. Source: BBC

Supporting the Cause, but at What Cost?

Does this generation of investors still hold this view? To answer this, BeInCrypto reached out to different millennials on Reddit (r/Bitcoin). Here are a few comments: 

A majority (five out of the eight anonymous surveyed candidates) still believe and support Bitcoin. One of the Redditors said: 

“No banker can debase Bitcoin via ‘money printing.’ Nobody can confiscate Bitcoin if you have properly secured the private keys (seed phrase). We don’t need permission from the government or any corporation to spend Bitcoin. So, Bitcoin is a safe haven, the superior form of money.” 

However, it’s also important to note that the cryptocurrency market can be volatile, and investing in cryptocurrency comes with risks. As with any investment, it’s essential to research and understands the potential risks before investing, such as the possible collapse of crypto platforms.

In conclusion, millennials have shown a strong interest in cryptocurrency due to their tech-savviness, desire for decentralization and control over their finances, and distrust of traditional financial institutions.

However, like with any investment, it’s crucial to approach cryptocurrency cautiously and understand its potential risks. Regulators are constantly breathing down the neck to curb these decentralized institutions, mainly to regulate and control such organizations. 


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Bookmark (0)

Related Posts

Matter Labs Launches First Ever Permissionless zkEVM Mainnet

Matter Labs launches first permissionless zk-rollup that has registered interest from the likes of Uniswap and Metamask.
The network will remain in Alpha while Matter Labs runs security audits.
Matter Labs hopes to change its prover to something less hardware-intensive.

Bookmark (0)

How Crypto Fugitives Evade the Authorities

Police arrested Do Kwon and a second individual at Montenegrin airport Thursday.
Kwon had disappeared for ten months. We speculate on some of the ways he did it.
BeInCrypto does not endorse any criminal behavior.

Bookmark (0)

Bitcoin vs. Hyperinflation

Investigating the role of Bitcoin in economies such as Zimbabwe, Venezuela, and Argentina, where hyperinflation has wreaked havoc.
Understanding the challenges and drawbacks Bitcoin faces, including regulatory hurdles and environmental concerns.
Exploring the future of global finance, as central banks consider the development of their own digital currencies.

Bookmark (0)

Solana (SOL) Price Recovers, but Is It Gearing up for a Bigger Move?

Solana (SOL) price broke out from a descending resistance line.
It is facing resistance at $22.90.
Solana (SOL) might have completed an A-B-C correction.

Bookmark (0)

This Week in Crypto News: Balaji’s $1M Bitcoin Bet, Big Brother CBDCs, and India Conquers Crypto

Balaji Srinsavan, the former tech chief at Coinbase, has high hopes for Bitcoin (BTC).
The Federal Reserve has printed $300 billion to bail out banks.
And Governor Ron DeSantis bans CBDCs in Florida.

Bookmark (0)

Which venues will list the upcoming ARB token dropping on March 23?

Major crypto platforms are gearing up for the upcoming ARB token listing on March 23.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *