Millennials Prefer Cryptocurrency to Mutual Funds, According to a Poll
- According to the report “How Millennials See Their Financial Future,” 40% of millennial survey respondents had invested in cryptocurrencies.
- The majority of millennials, according to the report, either already hold cryptocurrency or are contemplating doing so.
The findings of the Alto survey are in line with other recent studies that have shown an increased interest in crypto among millennials. This generational shift in investing preferences is likely due to a number of factors, including the increased accessibility of information and investment opportunities online, as well as the mistrust of traditional financial institutions that many millennials feel.
A report from Blockware Intelligence said that the adoption of Bitcoin (BTC) may be faster than that of earlier technological disruptions like smartphones, the internet, and social media. While the future of cryptocurrency is still somewhat uncertain, it seems clear that it has already made a significant impact on the way young people think about investing. For better or worse, crypto appears to be here to stay, and it will be interesting to see how this nascent industry develops over time.
While the report notes a “great deal of uncertainty” surrounding cryptocurrencies, it also points out that millennials are “highly optimistic about the future of crypto.” Indeed, nearly 60% of respondents believe that cryptocurrencies will be widely accepted in 10 years. Moreover, half of those surveyed believe cryptocurrency will eventually replace traditional fiat currencies.
It is not surprising then that many millennials are already investing in cryptocurrencies. With so much optimism about the future of crypto, it is likely that more people will begin investing in these digital assets. And as more people invest, the price of cryptocurrencies will likely continue to rise. If you are thinking about investing in crypto, now may be the time to do so.
Although many in the cryptocurrency community are bullish about the prospects for digital assets, survey respondents who already own cryptocurrency stated they are more inclined to include it in their retirement plans.
According to the study, 70 percent of millennials own cryptocurrency and have an Individual Retirement Account (IRA) where they keep their digital assets. These investors view cryptocurrency as a means of protecting themselves against the hazards associated with traditional retirement assets like equities and bonds, such as inflation.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
