The most favorite long-term investment amongst millennial investors still remains crypto. Investors who have bought into crypto recently all lament that they should have bought it sooner. In fact, Millennials do not trust banks due to the fact that their systems are inefficient and their models are outdated. Also, they are not tailored for young investors who are already burdened with student loans.
Only 14 percent of millennials believe that the Wall Street “do the right thing” for customers in 2015 and this meant that the newly emerging trend could spell trouble for banks and financial institutions in Wall Street.
“This could definitely be a problem for Wall Street. We haven’t seen Wall Street change since the financial crisis. Every day, we’re starting to see headlines still: Wall Street does it again, another Wall Street faux pas,” explained Kevin Kelly, Recon Capital Partners’ CEO.
Rise in Crypto From Millennials. The new generation bet on it.
In 2018 cashless alternatives have become more and more popular among millennials especially fintech applications and crypto. AliPay, in China, which is the fintech platform of Alibaba is responsible for more than 80 percent of all domestic online transactions. AliPay is valued at more than $150 billion.
Fintech applications have appealed to many people in areas with underbanked facilities or no banking systems at all. The problem with banks such as Union Bank in the Philippines is that they require both residents and citizens to store more than $2,000 as a fixed balance. Much of the population cannot afford to make such deposits.
The main financial providers for day to day users are companies such as Palawan and Lhuiller. Due to the fact that customers can use their mobile phones instead of banks, the popularity of cryptocurrencies is steadily on the increase.
Millions of user in Thailand and Malaysia are actively using Coins.ph to send and receive cryptocurrencies. Coins.ph secured more than 5 million users in the Philippines as it is the largest cryptocurrency trading and remittance platform there.
Cryptocurrencies usage by millennials in the US, South Korea, and Japan is expected to increase substantially. These are major cryptocurrency markets with established and fully compliant cryptocurrency exchanges, payment processors and applications. The government of South Korea is leading initiatives to convince young talents to enter the blockchain industry and has recognized cryptocurrency exchanges as legitimate financial institutions.
This post is also available in: Italian