Almost half of Millennial online traders have more trust in crypto exchanges than the U.S. stock market, according to a survey from eToro U.S., a leading global investment platform. The nationwide survey of 1,000 online traders found that 43 percent of Millennial online traders trust crypto exchanges more than the U.S. stock exchanges. Conversely, 77 percent of Gen X respondents trust stock exchanges more.
Guy Hirsch, Managing Director of eToro U.S. said: “We’re seeing the beginning of a generational shift in trust from traditional stock exchanges to crypto exchanges. At the heart of this change are the asset classes themselves. Younger investors’ experience with the stock market has seen a great deal of loss of trust, with the fall of Lehman Brothers because of irresponsible practices followed by the worst recession since the Great Depression.
Trust further eroded when Americans saw how hundreds of billions of dollars of taxpayers money are funneled to the largest financial institutions while their savings evaporated and how banks get free money through quantitative easing while their cost of living continued to rise. Immutability is native to blockchains and that makes real-time audit to be sensible and cost-effective and that is why Millennials and Gen X perceive crypto exchanges as less likely to be subject to manipulation and less likely to be a place where bad actors get rewarded with taxpayer money. As more investors become educated on the benefits of blockchain we’ll continue to see this trend play out.”
Two-thirds of Millennial crypto traders say they have more faith in crypto than the stock market. Even among Millennials that don’t trade crypto, one-third said they would trust crypto over the stock market.