A recent survey by the Financial Industry Regulatory Authority (FINRA) reveals that 55% of Generation Z Americans prefer investing in cryptocurrencies over traditional banking options. Generation Z, which includes people born after 1997 till 2012, with the current age between 12 and 27, demonstrates a tremendous interest in digital assets and DeFi.
As reported by DLNews, this is indicative of broader discontent with present digital banking solutions which are, in the eyes of many members of Gen Z, uncomfortable and untransparent. As such, they are attracted to the ability to manage their finances through blockchain, decentralized financial applications, or distributed digital stablecoins as an alternative to traditional centralized financial systems.
According to Bernstein analysts, Millenial (1981-1996) and Gen Z consumers have the potential to drive change within the financial sector. With each passing generation comprehending the concept of wealth creation at a younger age, the choices that they make will define the way in which the financial platform is transforming as well as the services that are being offered to them.
The Baby Boomer generation, defined as individuals born between the years 1946 and 1964, have been clients of traditional banks and brokerages. However, it is possible that with the popularity of the generation of Z and Millennials, new financial platforms will appear on the market. Some existing crypto exchanges, like Coinbase, have stated that young people consider conventional financial systems expensive and slow.
At the moment, approximately 27 million active wallets participate in the on-chain stablecoin payments on a monthly basis. Fortunately, through smart contracts and new developments in blockchain technology, cross-border transactions of $1,000 can be made for less than a cent. Currently, more than $150 billion of stablecoins are in the blockchain environment, and with the integration of AI, a new model of stablecoin payment solutions should appear.
Large investors, who have traditionally been skeptical about cryptocurrencies, may soon change their approach as the share of digital assets in the market is constantly increasing. Many of the leading financial services providers, comprising Robinhood, Revolut, Stripe, and PayPal, are already venturing into the crypto space given the changing landscape of investors.
The post Gen Z Prefers Crypto Investments Over Traditional Banking, Survey Finds appeared first on Live Bitcoin News.