Bitcoin is now viewed as a better hedge against market volatility than stocks and U.S government bonds according to a recent survey from market research company The Tokenist and that’s largely due to the Covid-19 economic crisis, which has undermined trust in traditional assets and financial institutions.
“The results are striking. As trust in traditional banking and financial institutions continues to decline, millennials in particular now see Bitcoin as a legitimate, stable, and potentially lucrative form of investment. This research not only confirms that Bitcoin is now a major part of the investment landscape, but it will also further increase confidence in the asset.”
“The results of the research indicate that Bitcoin has a bright future, and will likely benefit significantly from the current market crisis. With confidence in traditional investment instruments decreasing, Bitcoin stands poised to offer investors an alternative, long-term store of value.”
The survey showed growing confidence in Bitcoin among all ages and genders, relative to traditional asset classes. But it was the millennials who were most positive with 45 per cent choosing Bitcoin over trading stocks, real estate and gold. And almost half with 47 per cent of survey respondents trusted Bitcoin over major banks, an increase of 29 per cent in the past three years.
The survey gives weight to the growing sentiment amongst cryptocurrency analysts: that the market fluctuations of the past three years are driving increased returns and confidence in Bitcoin as an alternative asset class.
The survey reveals how attitudes towards Bitcoin perception largely changed since the 2017 crypto bull run – and focuses on millennials, who are taking an innovative approach.
Most surveys of Bitcoin adoption to date have focused on consumer knowledge of the asset class, but not on Bitcoin as a long-term store of wealth. Given the current resurgence of Bitcoin, many of these previous surveys have become obsolete, having been conducted in 2017 or earlier.
The survey was conducted in April 2020 and is based on responses from 5,421 participants in 24 countries. It used several 2017 surveys on attitudes to Bitcoin as a baseline to assess how attitudes toward the asset have changed in the past three years. It also asked respondents directly how the market fluctuations caused by COVID-19 have impacted their view of Bitcoin.
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