In a recent survey from online investment platform eToro, almost half of the millennials who took part say they have more trust in digital currency exchanges than in the US stock market’s.

Out of 1,000 participants, 43% trusted crypto exchanges more, whereas 77% of Gen X respondents conversely said they preferred traditional stock exchanges.  

Results from the study released by eToro (Feb 19) also noted that an overwhelming majority of millennial crypto investors (93%) will invest more in digital currency if traditional financial institutions such as TD Ameritrade, Fidelity, or Charles Schwab would offer them. Even amongst millennials who do not trade in crypto, most of them (71%) said they would start if crypto is available from conventional institutions.

This indicated a shift in generational trust between the traditional stock market and modern crypto exchanges. Guy Hirsch, Managing Director of eToro US, said: “Younger investors’ experience with the stock market has seen a great deal of loss of trust, with the fall of Lehman Brothers because of irresponsible practices followed by the worst recession since the Great Depression.”

He continued, “Immutability is native to blockchains and that makes real-time audit to be sensible and cost-effective and that is why Millennials and Gen X perceive crypto exchanges as less likely to be subject to manipulation and less likely to be a place where bad actors get rewarded with taxpayer money.”

Nearly half of the respondents also show interest in having cryptocurrency as part of their 401(k) retirement savings plans. 74% of crypto traders themselves are interested in having that options provided by their 401k provider.