In a new report from Boston based bitcoin startup Circle, they surveyed 3000 individuals (ages 18-70) in a national survey asking questions about banking, payments, and social norms. The results show that digital money trumps traditional money like cash, checks, and banks.
In the results it shows a shift in how millennials (ages 18-35) use money compared to gen Xers and baby boomers, and how mobile apps and digital money such as bitcoin are changing the world we live in. In the findings it shows that over 62% of millennials said they contact their bank less than twice annually, and more than half haven’t been to a bank teller in more than a year. It also shows that 24% of millennials said they carry no cash at all.
Money is digital and mobile
Another result of the survey showed that 80% of millennials have one to three mobile apps linked to their bank account or credit cards and 50% view money as a digital asset; for example, bitcoin may be one of the strongest up and coming digital assets that is tangible that millennials can use and control without relying on a third-party to manage it for them.
Also in the report, it states that half of the millennials have scrapped their cash and checks for mobile apps or digital money to settle debts. Overall the results demonstrate that younger people are departing from their parents’ generation when it comes to social norms associated with money sharing and payments.
This explains why Circle is attempting to tackle the payments space by taking advantage of the bitcoin blockchain. Since the blockchain enables fast, easy, and cheap payments, Circle is able to have their customers transact in a friction-less manner worldwide, which is exactly what millennials are after.