Bitcoin and Millennials Threaten the Survival of Traditional Savings Accounts

The paper check died a few years ago. Now, the savings account is inexorably approaching its death. Millennials, the largest living generation, are not interested in savings accounts managed by traditional banks. Instead, increasingly, millennials prefer to put their savings into Bitcoin.

Millennials Are Starting to Put Their Savings into Bitcoin

The three-thousand-year-old monetary system, and in turn the obsolete banking system, are becoming casualties of the cryptocurrency’s all-encompassing technological revolution.

The millennial generation does not trust financial institutions. Savings accounts, which are one of the most emblematic banking instruments, are becoming irrelevant. In fact, millennials are losing interest in building their savings under the traditional banking system.

Instead, as millennials become more acquainted with the cryptocurrency’s inherent features, in growing numbers, they are willing to put their savings into Bitcoin.

In this regard, Forbes writes:

What’s more, some millennials are using bitcoin as the basis for their long-term savings. And experts say that could shake the foundation that this country’s financial institutions have built their empires on.

Millennials’ tendency to snub traditional bank savings accounts seems to be gaining momentum. According to the results of a survey conducted by CoinSpectator:

A growing number of millennials are putting their savings into Bitcoin instead of traditional bank accounts, with 6 out of 10 respondents stating they have purchased Bitcoin in the last 12 months.

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