Research: Nearly Half of Millennials Prefer Crypto Over Fiat

Since the ICO fervor of 2017, cryptocurrency and blockchain have become an international phenomenon, driving the digital economy movement.

With public adoption on the rise, market research firm YouGov has conducted a study revealing recent statistics on cryptocurrency awareness.

Market research and data analytics firm YouGov conducted a national survey, Aug. 29-30, that revealed that nearly half of millennials prefer cryptocurrency over fiat, according to data from YouGov Omnibus.

The study further shows that 79 percent of Americans are familiar with at least one type of cryptocurrency.

Second to Bitcoin, the survey reveals that 13 percent of Americans know of Ethereum and 12 percent are familiar with Litecoin, the seventh largest cryptocurrency by market cap.

The YouGov study shows that over one-third, or 36 percent, of people "Think that cryptocurrencies will become widely accepted as a means of transaction for legal purchases within the next 10 years."

It's evident that millennials have the greatest interest in cryptocurrencies, with 48 percent showing preference to crypto over fiat.

While support for mass adoption is seemingly on the rise, a near-equivalent amount of people do not believe cryptocurrency will become a common medium of exchange by 2028.

The stigma surrounding cryptocurrencies often derives from its previous use for illicit activities, such as drug purchases online, and 25 percent of respondents still believe that cryptocurrencies are used more for illegal purchases than legal ones.

While the stigma still exists, nearly one-third of people surveyed said they would be interested in primarily using cryptocurrencies rather than the U.S. dollar.