Goldman Sachs Survey: Most Millennials Won't Use Bitcoin

A new survey published by Goldman Sachs found that just over half of millennials believe they will never use bitcoin.

AccessTimeIconJun 25, 2015 at 9:20 p.m. UTC
Updated Apr 10, 2024 at 2:55 a.m. UTC

A new survey published by Goldman Sachs has found that just over half of US millennials believe they will never use bitcoin.

Fifty-one percent of the 752 survey respondents said that they had never used bitcoin nor do they have any plans to do so. Twenty-two percent said they currently use it or have used it in the past, and intend to use it again.

An additional 22% said that they have never used bitcoin before but plan on using the digital currency. Just 5% of respondents said they have used bitcoin but do not intend to use it again.

The data forms part of a broader look at the financial inclinations of millennials, including how the demographic chooses financial services and how they manage money.

Among a group of payment options that included credit cards, Apple Pay and Square, bitcoin wallets scored relatively low in terms of trust. Less than 5% of respondents indicated they trust using wallet services, with Coinbase and BitPay being named directly in the survey data.

Few privacy concerns

Notably, a significant number of respondents displayed a general apathy toward financial privacy.

Goldman asked how willing millennials would be to "accept inconveniences" in exchange for reduced privacy and better security.

Thirty-four percent of male respondents and 48% of female respondents said that they were “not too bothered” as long as their service isn’t directly affected.

Twenty-two percent said that they are in favor of sacrificing privacy for the sake of security, whereas 20% of survey-takers replied that they weren’t willing to give up financial privacy.

Thirteen percent said that they are happy to accept loss of privacy for higher security, while 11% indicated that they didn’t care because they presume the government is already monitoring their transactions.

Respondents also expressed a high aversion to fees, with many suggesting that the costs would be a major influence in their choice of financial provider.

Image credit via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.