By the time you reach the age of 5 or 6, you may already have an interest in learning how to create crypto-currencies, according to researchers at the University of Michigan.
This is because you may have heard of cryptocurrencies such as Bitcoin, Litecoin and Ethereum.
You may also have heard that the future of finance is cryptocurrencies, but what you may not know is that these platforms have their own unique advantages, according the study.
“Our research found that a number of these platforms were able to offer the ability to create a secure, decentralized, and scalable cryptocurrency, and they also provided the flexibility to build these products with the support of existing crypto-entrepreneurs,” said Mark Rieder, an assistant professor of marketing and economics at the university.
“These platforms have the potential to bring in the world of cryptocurrency and financial technology to an area that is otherwise untapped.”
The researchers used a survey of 4,000 millennials to identify their interests in creating and investing in cryptocurrency products.
Their research found the top three reasons millennials gave for starting a cryptocurrency company were: To be able to send money to friends and family; to send crypto-currency to friends or family; and to store cryptocurrency for a short period of time.
This study has been published in the peer-reviewed journal Crypto Economics.
The researchers also found that the top five most valuable cryptocurrencies to invest in were: Ethereum, Bitcoin, Ethereum Classic, LiteCoin, and Monero.
These five cryptocurrencies are currently trading at a market cap of around $6.8 billion.
“There is a clear need for new technology that can solve a number inefficiencies of existing financial products,” Rieders co-author, James K. Miller, said in a statement.
“While cryptocurrencies are already making inroads into the financial system, it’s time to start taking the next step to provide the opportunity to invest these assets for long-term value.”
The study, “Crypto-Enthusiasts in the Early Years: Exploring the Value of Cryptocurrencies and Their Value-Driven Development,” was released last month and focuses on a survey taken of 4 and 5-year-olds.
The researchers found that, of the 4,022 surveyed millennials, 56% of them said they had heard of Bitcoin and 42% of the respondents had heard about Ethereum.
“This is a very promising and exciting time for crypto-community development, as these technologies are poised to become widely adopted and have the capacity to disrupt the financial sector,” said K.A. Visser, a professor at the School of Business and Economics at the UM.
“The number of young people interested in creating new products that can be used in the digital economy will grow exponentially.”
The team says this is due to the popularity of the cryptocurrency market, which has grown exponentially over the last year, and the popularity and trust of these products in the community.
“Cryptocurrencies are now the preferred medium for exchanging value in the crypto-economic ecosystem, and we believe this will allow for more and more young people to participate in the market,” Miller said.
“Young people are excited about investing in new and innovative ventures that are designed to provide benefits to society and the economy.
It is exciting to see this growth, and it has been a very positive trend for our community.”
This is not the first study on crypto-business, but the researchers hope to provide a platform for other researchers to conduct similar research.
“Many young people do not have the necessary education or background to participate or work in these new digital industries, and so we hope that this research will be of help to researchers across the industry,” Miller added.