November 16, 2018. In a research done by Mr. Deidre Campbell, Global Chair of Financial Services at Edelman and reported on the New York Post, more millennials are now adopting the use of cryptocurrency. This age group is now using it as a preferred long-term investment.
According to the report, more than 25% of millennials own a cryptocurrency by either holding it or using the digital token itself.
“Anyone that has crypto tells me they wish they bought it sooner,” – Deidre Campbel, Global Chair of Financial Services
Another reason why millennials are choosing cryptocurrency is that of the traditional banks’ outdated models in terms of investing for young investors. Several studies also noted that some of them do not trust banks in handling their money.
This is also applicable in the Philippines as major banks require depositors a minimum maintaining balance to keep the account open. With a minimum amount at around PHP 5000 and more, this will cut the number of Filipinos who want to own an account. This is why remittance companies like M. Lhuillier and Palawan express come in.
It is important to note that several banks as well, with pushing from the Bangko Sentral ng Pilipinas (BSP), are now also supporting low minimum amount savings accounts.
These remittance companies let its customers send money nationwide without the need of a bank account. This led to an increasing popularity of e-money apps, like Coins.ph, which, incidentally is also a crypto wallet. By August 2018 the wallet captured 5 million subscribers nationwide. According to the company’s CEO and Co-Founder, Mr. Ron Hose, Coins.ph is targeting 20 million users by 2020.
In May 2018, another research was made by consulting firm Research and Tech Lab (RTL) that says overseas Filipino workers (OFWs) and millennials are embracing the use of cryptocurrencies. Out of its 100 respondents, 24% of which are OFWs in Saudi Arabia. Half of the respondents are aged 31 to 40 years old.
In terms of cryptocurrency popularity, bitcoin continues to have the top spot. According to a survey conducted by Blockchain Capital. Millennials, which comprise the ages 18 – 34 revealed their preference in bitcoin over, among other things – traditional financial assets.