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Aleksey Muratov: young people around the world do not trust fiat money and switch to Bitcoin

According to the research conducted by Facebook and MasterCard, the majority of young people in the US do not trust the traditional banking system, increasingly preferring cryptocurrency. This was stated by Chairman of the Board of International Public Movement Change the World Together Aleksey Muratov.

"Most recently, the largest social-media company Facebook has published the results of studies, according to which 92% of young people surveyed in the United States do not trust the existing banking system (the study involved 70 million of young people of working age in the US from 21 to 34 years old). In general, majority of population (including the younger generation) had an accurate idea that the modern financial system has such negative traits as monopolization, excessive control over the funds, and so on," Aleksey Muratov said.

He also stressed that the group Facebook IQ researchers states that more than 45% of the younger generation has shown a willingness to move away from the traditional banking system to alternative financial and technical solutions. "Already, a significant proportion of young people from around the world actively switches to more efficient, transparent and non-bank safe services that this research team calls ‘the future of financial services.’ In fact, the younger generation feels disconnected from the financial services industry, as the existing banking system does not meet the needs of young people," Aleksey Muratov said.

 "A poll by MasterCard has also shown interesting results. According to the research, the main reasons for the lack of a bank account and failure to use banking services by the working population of the USA are not so much financial illiteracy as distrust in the banking sector. Thus, 20% of respondents do not wish to open an account at all, and 10% say they do not trust their money to banks," Chairman of the Board of CWT said.

According to Aleksey Muratov, the research data is unlikely to be questioned, and this means that in the near future most of the young people and the working population will refer to financial technologies. "The widespread tightening of monetary policy, in the end, caused the fact that the modern fiat money completely lost the store of value function. Today Bitcoin is the payment instrument, which has all the functions of money. It is characterized by high liquidity and exchange rate stability, and this is the most practical and viable alternative to traditional financial institutions for millions of people around the world," Aleksey Muratov summed up.

Source: CWT News

  • December 21, 2016 2:58 PM MSK