Bitcoin Gaining Momentum...Or Is It?

Over the past few weeks, bitcoin has seen several major developments that many believed would help propel the cryptocurrency into mainstream use.

From being used to purchased movie tickets to finding a place in traditional finance at Barclays PLC BCS, bitcoin appeared to be moving up in the world. However, a new survey by Goldman Sachs Group Inc GS suggested that no matter how the bitcoin community has expanded, millennials are simply not interested in using the cryptocurrency.

Majority Say No Future For Bitcoin

The Goldman Sachs survey found that of the 752 millennial respondents, just over half had no interest in using bitcoin in the future. Just over 40 percent said they planned to make use of bitcoin in the future. The survey shows that bitcoin may not be making the impact in needs to on the next generation.

Millennials are crucial to the success of digital currencies as they represent the majority of future users.

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A Silver Lining

The 51 percent who said they were not planning to use bitcoin had also never used the cryptocurrency. Of the 44 percent who expressed a willingness to use bitcoin in the future, 22 percent had used the cryptocurrency and the other 22 percent had not experience using bitcoin. Only 5 percent said they had used the currency and wouldn't use it again in the future.

For cryptocurrency enthusiasts, those figures could be encouraging as they suggest that the user experience isn't a reason for disregarding bitcoin. Instead, the responses imply that bitcoin's tarnished image needs more reparation and that the cryptocurrency needs to begin appealing to the younger generation in order to get them to try the currency out.