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Wealthy Millennials Are Pouring Cash Into Crypto, Poll Finds

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  • The crypto market crashed in May 2022, with Bitcoin losing almost half of its value over the past six months.
  • But wealthy investors between the ages of 21 and 42 are still investing in cryptocurrencies, says a new Bank of America study.
  • More than half of young people investing in cryptocurrencies get advice from social media platforms like TikTok.

Bitcoin’s price has fallen 48% in the last six months.But according to Bank of America 2022 High Net Worth Private Banking SurveyWealthy millennials are still pouring cash into cryptocurrencies.

The tale of people who lose life savings When the cryptocurrency market crashed in May of this year, people aged 21 to 42 weren’t scared.

Conducted from May to June 2022, the study found that 75% of young affluent people (defined as HNWIs and UHNWIs) no longer achieve above-average returns on traditional investments. I agree that it is not possible. stock When index fundcompared with 32% of wealthy people aged 43 and over.

Wealthy Young Investors Believe Crypto Can Help Build More Wealth

In the survey, 29% of wealthy young investors say cryptocurrencies offer a major opportunity to build wealth, with real estate coming in a close second at 28%. On the other hand, 41% of older investors say that traditional investments such as stocks index fundWhen mutual fundis the primary way to build wealth.

Despite the volatility of cryptocurrencies, three times as many young investors consider cryptocurrencies to be an effective long-term investment vehicle compared to older investors.

financial expert Crypto investors recommend balancing riskier bets with safer, more traditional investments like stocks and bonds, saying cryptocurrencies should be a small part of portfolios. ideally less than 5%.

Young investors surveyed by Bank of America said they were allocating 15% to cryptocurrencies, while people over the age of 43 said they invested only 2% of their cash in cryptocurrencies.

Over half of young investors receive cryptocurrency advice on social media

More than 60% of young people say they have a good understanding of cryptocurrencies, compared to 12% of HNWIs over the age of 43. young investors are Crypto Advice on Social Media Platforms such as TikTok, Instagram, and Reddit.

Older investors say they rely on internet research and professional advisors at a higher rate than younger investors.

There is no way to know how the crypto market will react rising inflation and looming recessionBut if you do decide to start or continue investing in cryptocurrencies, know that many wealthy millennials are on board with you.

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