A study by Alto found that 40 percent of questioned American millennials had invested in cryptocurrencies, a bigger proportion than those who hold mutual funds.
According to a study performed by the investment company Alto, 40% of American millennials (individuals between the ages of 26 and 41) possess cryptocurrency. The same proportion of respondents holds individual stocks, according to the results of the poll.
Millennials and Their Attraction to Cryptocurrency
The survey also revealed that a greater proportion of millennials in the United States had invested in cryptocurrencies than investing in mutual funds. 70% of holders of digital assets have put them in their Individual Retirement Accounts (IRAs).
Moreover, the clear majority of Americans in this age bracket who do not hold cryptocurrencies want to join the ecosystem in the near future.
However, the present financial situation has made it difficult for millennials to invest in any form of asset. Eric Satz, Alto’s founder and CEO, explained:
In a culture of conspicuous consumerism, escalating living expenses, and rising student loan debt, it is difficult for millennials to invest in the future because they struggle to finance the present.
Real estate remained the most enticing investment choice for millennials in the United States as 77% stated they would invest in properties. 67 percent of respondents said that they would invest in Innovation funds, while 55 percent cited Angel Investing as an excellent choice.
Tim Draper (an American millionaire) said two years ago that millennials should invest in bitcoin to protect their financial future. According to him, putting money aside in order to spend it after retirement is an outdated concept, but holding BTC might prove to be a superior plan.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.