Millennials love cryptocurrencies—for a couple of reasons. The reasons being that the underlying technology ushers the modernization of capitalism and the freedom of control of the big banks and governments over itself. The other reason is the potential cryptocurrencies have to make investors rich quickly, provided that they continue to rise at an astronomical pace.
That’s why, among Millennials, cryptocurrencies were a popular choice to invest $10,000 in, in a recent survey of 1,000 Americans.
Specifically, the survey found that 9.19% of Millennials (18-34) would invest the $10,000 in cryptocurrencies, compared to 4.04% of Generation Xers (35-54) and 3.08% of Baby Boomers (55+).
What’s more interesting is that Bitcoin remains by far the most popular choice, followed by Ethereum and Litecoin. In addition, 76 percent of the Millennials in the survey said that they would invest the $10,000 in Bitcoin, 12 percent in Ethereum and 12 percent in Litecoin
To a great extent, the survey results are as one might have expected. The survey rankings of major cryptocurrencies match their market capitalization rankings. Ripple is the only exception, which rests in the third position in the market capitalization, and nowhere to be seen in the survey rankings.
That means Litecoin is more popular than Ripple.
Couple explanations for that are devised. One of them being that the survey sample is extremely small, and therefore could easily have missed those who could invest the $10,000 in Ripple. Another answer is that the rise of Ripple in market capitalization is fairly recent, and therefore has yet to capture the attention of the average millennial investor.