According to a study by the investment firm Alto among adult Americans, among the millennials, i.e. people in the age group between 25 – 40 years, more investors invest in cryptocurrencies than in mutual funds.
According to this, 40% of the survey participants from the group of millenials have already invested in cryptocurrencies. Accordingly, the study notes that this relative share is “greater than the percentage among millennials who have bought mutual funds”. The willingness to invest in terms of stocks, in turn, approximately balances with cryptocurrencies.
The study under the motto “How millenials see their financial future” also notes in this context that most millenials either already own cryptocurrencies or want to invest in them in the future. However, Alto CEO Eric Satz points out that the current global economic situation creates difficult conditions for investments, especially for the young age group. To this end, he elaborates:
“In a world of constant consumption, rising living costs and high tuition fees, it is difficult for millennials to invest with an eye on the future when they can barely afford the present.“
Those survey participants who indicate that they already own cryptocurrencies would also use the asset class for their retirement savings plans. For example, 70% of millennials who own crypto and run an IRA retirement savings plan are said to have already built cryptocurrencies into it.
Another survey from June had previously shown that more and more wealthy people are also finding a liking for crypto. According to the “World Wealth Report”, 71% of all wealthy participants have already invested in cryptocurrencies. The selected financial products range from cryptocurrencies to non-fungible tokens (NFT) to crypto ETFs.
The market researchers at Blockware Intelligence underline this trend by recently coming to the conclusion that the adoption rates of Bitcoin (BTC) are now progressing even faster than with important technological advances such as smartphones, the Internet or social media.