Cryptocurrencies are three times more popular among American Millennials as a long-term investment than they are for generation X.
crypto is Americans’ 7th most popular long term investment
According to the results of a nationwide Bankrate survey, 9% of millennials chose crypto as their top long-term investment option- roughly three-fold the percentage among earlier generations.
More broadly, the survey revealed that cryptocurrencies are the seventh most popular investment option among Americans – with 4% of the respondents choosing them as their top choice for a minimum 10-year investment. However, this 4% figure was lower than 5% of the respondents who chose “None” in response to a list of assets they would choose to invest their cash in the long term.
The most popular asset class was real estate, at 31% – notwithstanding the 2008 real estate crash and expected uptick of soaring pricing in 2021.
crypto Trends among the Generations
Millennial investors have 12% of their total portfolio in virtual currencies. Thus, they ranked first in those statistics, Xennial, or those around 40 years old allocated 9.2% of their funds, while generation X’s exposition is approximately 6.3%.
A recent study from Piplsay found that 49% of millennials polled own cryptocurrency compared to 38% of Gen Xers and 13% of the Gen-Z. Millennials are also more likely to adopt the investment as a form of payment, with 53% saying they are “very likely” to purchase products or services with crypto, vs. 40% of GenX polled and just 7% of Gen Z.
Despite investing the most, millennials are not leaders in terms of making crypto profits. Nearly 76% answered they have gained from their investment while Xennials ranked first with 80.5%. as for Generation X, the number stood at 71.5%
bitcoin is the most preferred investment asset for all-around 60% of each group chose it. Ethereum is second for millennials and Generation X. Interestingly, it is the third choice for Xennials who tend to go for Bitcoin Cash and Dogecoin.
Rich Millennials Are Keen On Digital Assets
“The younger investors jumped on it early when it was not well known. As a result, they were more intellectually engaged with the idea even though it was new.”
On the other hand, most elder investors owning at least $1 million in stocks are not that fond of cryptocurrencies. 83% of them do not believe in the market and have not distributed any funds in it. Only 1 in every 10 keeps more than 10% of their wealth in virtual currencies. Older investors and the boomers were largely saying “is this legit?” Older generations are further behind on the understanding.
Stay tuned because millennials lead eventually the other generations will adapt and certain industries will potentially follow.