A new Clovr survey of investment potential has put high-earning millennials at the center stage when it comes to owning cryptocurrency.
These latest figures confirm with the results of other surveys conducted this year, showing that it’s millennials with money who appear to be taking on cryptocurrency in ever-increasing numbers. This is partly due to the lack of investment options in tradition areas. The Clovr study shows that it is those with annual incomes of between $75000 and $99999 that have become serious investors.
With a huge 43% of men in the US between 18 and 80 having at least some investments in cryptocurrency, it appears that there is little cooling off in enthusiasm for digital currency investments despite the drop in Bitcoin’s price this year. US Bureau of Labour Statistics Data suggests that ownership drops off to one-fourth of that percentage showing interest as salaries drop to less than $25,000 a year.
An encouraging signal for the industry emerging from this survey figures shows that one out of three US respondents say that they would be far more interested in crypto investment than traditional stocks and bonds with as many as 80% of the respondents identifying investment in cryptocurrency as less risky than the standard options available.
It is clear that millennials are completely at the forefront of the crypto space, and without them, it is hard to imagine that Bitcoin would have even got off the ground. “Over 82% of millennials say their investment decisions were influenced by the Great Recession when $14 trillion in wealth was lost,” writes Kari Paul of MarketWatch, adding that, “Millennials regard the stock market with skepticism. People between the ages of 18 and 39 are less likely to invest money in the stock market than are other generations, studies show.”
Other surveys seem to be indicating that such views aren’t simply limited to the US; with UK millennials expressing a total distrust of banks and their lack of interesting options. A survey in May revealed that 27% of Millennials viewed Bitcoin as more trustworthy than big banks, with investors preferring to hold USD 1,000 in Bitcoin over USD 1,000 in stocks; 22% suggested that they would have preferred to hold the same sum of Bitcoin over real estate investment, and 30% would take Bitcoin over government bonds.
The number of women showing an interest in investing in cryptocurrencies in the UK has gone from 6% to 13% this year.
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