A report by investing firm Alto has found that 40% of American millennials (those between the ages of 2 and 41) possess cryptocurrencies. A roughly similar percentage of respondents, according to the study, own individual stocks. The study observed that a lot of U.S millennials who used mutual funds had some of their wealth invested in cryptocurrencies.
70% of HODLers have digital assets in their retirement accounts (IRAs). Furthermore, most Americans in that age group who do not presently own cryptocurrencies are considering doing so shortly.
A majority of them already own crypto
In the U.S, young people not only trust cryptocurrency, but a majority of them hold virtual digital assets too. Additionally, several individuals in the aforementioned age range are interested in purchasing cryptocurrencies as part of their retirement plans. The report stated,
“When it comes to interest in digital assets, the vast majority of millennials either own crypto or are considering it. Those who own cryptocurrency are likely to include it in their retirement portfolio. Over 70% of millennials who own crypto and an individual retirement account (IRA) hold crypto in an IRA.”
Here, it is important to note that 77% of U.S millennials said they would allocate money to houses, making real estate the most alluring investment option. 55% cited angel investing as a fantastic alternative while 67% said they would immediately invest in innovation funds.
American businessman Tim Draper had suggested two years ago that millennials should buy Bitcoin to safeguard their financial future. He believes that owning Bitcoin may prove to be a more effective course of action than keeping money on the side to be used in retirement (assuming its price soars in the following decades).
Half of the millennials open to accepting salaries in crypto
According to a different survey, 36% of millennials and 51% of Generation Z (those born between 1997 and 2012) said they would like to receive half of their wages in digital currency, rather than fiat.
According to Nigel Green, CEO of deVere Group, many young people find the asset class appealing because of the technological advancements that were taking place when those people were children. They are the ones who comprehend the “huge potential of digital currencies” because they have been exposed to an “enormous surge” of advances throughout their lives.
Boomers getting left behind
Crypto-literacy declines with age, according to data from the Global Crypto-literacy Survey. According to the report, 67% of Baby Boomers couldn’t respond to straightforward questions on cryptocurrencies.
There’s a gender gap between crypto-users of all ages: 22% of men say they’ve used cryptocurrency, compared to only 10% of women.
Ergo, it’s natural that younger generations have a bias towards crypto. After all, crypto follows the same adoption curve as other digital revolutions. Young people frequently accept new technologies early. And, as time goes on, older generations catch up.