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Millennials and Bitcoin: A Mighty Blow to Traditional Banking

Michael Hudson
21 October 2015

How do you fancy visiting the dentist? If you’re anything like me, it’s probably not high up there on the ‘favourite things to do’ list, right? Now, what if I told you that 71% of millennials said they’d rather go to the dentist than listen to what banks are saying? Yes, that’s correct. They'd willingly opt for a filling than spend their time on the opinions of financial institutions. That’s a telling statistic, as revealed by The Millennial Disruption Index, a report that highlights industries with the highest risk of disruption at the hands of the twenty to thirty-somethings.

Unsurprising then that banking takes the top spot – and by a large margin too! These millennials are far from loyal to the intrinsic financial system and don’t fall for marketing hype either. 53% recognise that their bank offers nothing unique when compared to other banks, 1 in 3 would be open to switching banks within 90 days, and when looking ahead 5 years, more than a third believe they won’t need a bank at all. Why? Because they’re anticipating seismic change, with 70% saying that the way we pay for things in the near future will be totally different to what we’ve come to know, and 68% agree that the way we access our money will be vastly altered too. 

Banking’s Failure; Bitcoin’s Opportunity

It’s notions like these that serve as an impetus for the Bitcoin network to forge ahead with developments, and bring it mainstream. And the banks are frantically trying to catch up. Most have already started to feel the heat and are ploughing money and resources into research and development of blockchain-based systems to compete with the Bitcoin technology.

But their efforts are in vain.

You see it doesn’t matter if they successfully introduce a mechanism to move money as quickly as Bitcoin does. Millennials see through the financial industry’s farce. They’re a generation that don’t hold the same level of trust in bureaucratic institutions as what their parents and grandparents did. They don’t blindly accept propaganda. They’ve been born into an age of exceptional innovation and they’re relentless in their pursuit of life on their own terms, not dictated nor controlled by the governments they support. Brands and corporations thrive or crumble based on how well (or how badly) they serve this generation of forward-thinkers, and banks are no exception.

At the end of the day, irrespective of which way they cut it, they’ll still be a bank. They’ll still be an unwelcome intermediary standing between you and your money. They’ll still be at the mercy of the national government’s monetary policies, and they’ll still hold the power to freeze accounts and seize your hard-earned funds.  

Bitcoin, on the other hand, is decentralised. It’s not owned nor controlled by any central authority. It has no agenda other than to offer a permission free financial platform. It eliminates the gaping inadequacies of the archaic banking industry and addresses the needs of those who’ve been economically constrained by it. So, when the millennials claim that, in 5 years’ time, they won’t need a bank at all, it’s not a pipe dream. It’s an imminent reality. With Bitcoin, they already have the power to be their own bank.

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