40% of the surveyed American millennials have invested in cryptocurrencies, which is a larger chunk than those who own mutual funds, an Alto poll determined.
According to a research conducted by the investing firm Alto, 40% of the American millennials (those aged 26-41) hold cryptocurrencies. Nearly the same share of people own individual stocks, the survey estimated.
Millennials and Their Affinity for Crypto
The poll further informed that more US millennials had distributed some of their wealth into crypto than those who had dealt with mutual funds. 70% of HODLers have included digital assets in their Individual Retirement Accounts (IRAs).
In addition, the vast majority of Americans in that age group who do not own cryptocurrencies consider entering the ecosystem in the near future.
The current macroeconomic conditions, though, have made it tough for millennials to invest in any type of asset. Eric Satz – Founder and CEO of Alto – explained:
“In a world of conspicuous consumption, soaring living costs, and mounting student loan debt, millennials find it difficult to invest for the future because they are struggling to afford the present.”
It is worth noting that real estate remains the most appealing investment option to US millennials, as 77% said they would allocate funds to properties. 67% said they would jump into Innovation funds, while 55% described Angel Investing as a great alternative.
Two years ago, the American billionaire Tim Draper claimed that millennials should invest in bitcoin if they want to secure their monetary future. According to him, putting money on the side so people can use it during their retirement years is an old-fashioned model, while owning BTC could turn out to be a better strategy (assuming its price soars in the following decades).
Half of Millennials Would say ‘Yes’ to Salaries in Crypto
Another recent poll estimated that 36% of millennials and 51% of Generation Z (those born between 1997-2012) would prefer to receive half of their paychecks in digital currencies instead of fiat.
Nigel Green – CEO of deVere Group (the company that conducted the research) – suggested that many youngsters find the asset class attractive due to the technological developments happening when those people were kids. Influenced by the “enormous surge” in innovations throughout their life span, they are the ones to understand the “massive potential of digital currencies,” he added.
While on the matter of millennials, another survey determined that 47% of such millionaires had distributed at least 1/4 of their wealth in digital assets. Moreover, 30% have invested half of their capital in the market.