A Bankrate survey shows that nearly half of millennials are comfortable with investing in the crypto market, compared to 37% of Gen X and 22% of baby boomers. The result is in keeping with previous surveys, which all show millennials keen on crypto.
The results of a survey conducted by Bankrate show that nearly half of millennials in the United States are comfortable owning cryptocurrencies. Specifically, 49% of millennials were okay with crypto investments, 37% of generation X, and 22% of the baby boomer generation.
The Bankrate survey was conducted in mid-2021 and throws no real surprises at the reader. For example, it concludes that millennials are the most comfortable with buying cryptocurrencies among all age groups. Millennials are defined as those who are aged between 25 and 40.
And this isn’t the first survey of its kind, which indicates that younger generations are more willing to invest in crypto. In Jun. 2021, a survey by CNBC and Spectrum Group showed that 47% of millennials have at least 25% of their wealth in crypto. This is a significant sum when compared to the investment portfolios of older generations.
Real estate and equity remain popular choices for older Americans, but there’s no denying the trend of increased crypto investments. This is partly because the market is more accessible, intuitive, and even safe when compared to previous years. There are more investment vehicles, and generally speaking, investors are better informed than they were during the mania of 2017.
Despite real estate still being a popular choice in general, bitcoin still appeals more to millennials than the housing market. The confidence in the crypto market is extending all the way to teenagers — with 45% of teens thinking they know more than their parents.
Cryptocurrency inflows grow as market legitimizes
Perhaps what is more interesting is the fact that the number of people willing to invest in cryptocurrencies is growing. This comes at a time when the asset class is becoming more legitimate, with institutions coming in and regulations forming.
Bitcoin ETFs, for example, are on the rise, with the U.S. seeing some of its first of such investment vehicles. There are many others waiting in the pipeline, and it is only a matter of time before would-be investors have more investment options to choose from.
The implementation of regulatory frameworks will also help assuage concerns surrounding crypto investments. In the U.S., at least, this is expected in the near future, and it could help attract new investment by removing regulatory concerns.
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