A recent survey has highlighted that Bitcoin, Litecoin, and Ethereum are more popular than Ripple, which is the third in market capitalization. The survey confirms millennials love investing in cryptocurrency. Going by the survey conducted among 1000 American millenials, as described by Forbes’ financial analyst, Professor, and Chair of the Department of Economics at LIU Post in New York, Panos Mourdoukoutas, “cryptocurrencies were a popular choice to invest $10,000 in”.
“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+).”
The survey places Bitcoin ahead of all coins, followed by Ethereum, and Litecoin. However, it is surprising that no one among those who participated in the survey chose Ripple. “Specifically, 76% of the millennials in the survey said that they would invest the $10,000 in Bitcoin, 12% in Ethereum, and 12% in Litecoin.”
Why Are Cryptocoins Popular Despite The Volatility?
The reasons behind the popularity of cryptocoins are very clear. Millenials love technology and want to be abreast of latest technological innovations. They, at the same time, understand that it is easy to climb the ladder of prosperity if one knows how to research cryptocurrency deeply.
The findings that millennials are major investors in cryptocurrencies affirms with earlier reports that they are the largest demographic in the economy. Young chaps, less than 35, are maniacally investing in crypto. TD Ameritrade CEO Tim Hockey in a conversation with Business Insider said young investors’ account rose to 72% annually, saying millennials have recently subscribed to cryptocurrencies despite it not been matured.
While over 35 years individuals are not essentially shaken by the ripples of cryptocurrencies. They are more comfortable dealing with “tangible commodities and assets” because they see the cryptocurrency world as a volatile environment that can gulp their hard-earned wealth within minutes.
It is true that there are upheavals in the digital currency space, especially if one considers the increment that the cryptoverse witnessed around December and the decrements it is witnessing this year, nonetheless, it is verifiable that people have recently been enriched by digital coins.
Surprisingly, the fear of fall has taken older generations away from cryptocurrency investments, millenials are by no means moved at all. They want to stay away from archaic investment dealings, but desires sudden wealth increment, which is not obtained in age-old conventional investment.
Can Litecoin Be More Popular Than Ripple?
It is possible for Litecoin to be given credence over Ripple when popularity is being discussed. If you study the survey, you will see that it is as thought, except for Ripple with 3rd largest market capitalization that has no place in the final result.
Observers are raising doubts on the survey. The demographic research points out 1000 American. This is enough a fact to state that the survey has not observed the views of a large audience. 1000 Americans are excessively small for a research that means a lot to the world. It is like using a merger sample of about 0.1% of a total population to finalize a hypothesis.
Another clear deduction from the research is that XRP is just gaining popularity. It started coloring the cryptoverse with good news last year. So, the possibility of it coming ahead of Bitcoin, Ethereum, Litecoin is very low, at least for now.
In the nearest future, there is tendency that Ripple take the lead or become the next thing after banking industry disappears. This enhances the viability of becoming more popular than Bitcoin, but there is chance it outmatches the rest in few years to come. The reason behind my assumption is that Ripple has not relented in sealing partnership with big financial companies.
Skeptics may be doubting the sincerity of Ripple and the possibility of it becoming a big name in the cryptocurrency world due to its low price. There is one very important thing to note about the coin, the CEO, Brad Garlinghouse, has accepted that the coin be checked by the proposed regulatory agency. This is making it gain more credibility among those who see cryptocoins as unsecured. If you are talking about media popularity, Ripple is a household name and always, pieces of information are disseminated about the altcoin.
Another thing is that Ripple is planning to partner at least half of the world’s top banks within 5 years. Critics say partnership with bank has no effect on the price of XRP because financial bodies are only interested in Ripple tools, which are distinct from XRP. This may be true, but Ripple tools, hopefully will bring popularity and value to XRP someday.
Image Credit: Ethereum World News