How are American millennials in crypto these days? The survey says …

by Arthur · July 4, 2022

A report by the investment company Alto has found that 40% of American millennials (those between 2 and 41 years old) have cryptocurrencies. An approximately similar percentage of respondents, according to the study, own individual shares. The study observed that many US millennials who used mutual funds had some of their wealth invested in cryptocurrencies.

70% of HODLers have digital assets in their pension accounts (IRAs). Furthermore, most Americans in the age group who do not currently own cryptocurrencies are considering doing so shortly.

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A majority of them already own crypto

In the United States, young people not only trust cryptocurrencies, but a majority of them also have virtual digital assets. In addition, several individuals in the mentioned age group are interested in buying cryptocurrencies as part of their pension plans. The report said,

“When it comes to interest in digital assets, the vast majority of millennials either own or value crypto. Those who own cryptocurrency are likely to include it in their pension portfolio. Over 70% of millennials who own crypto and an individual pension account (IRA) hold crypto in and IRA. “

Here it is important to note that 77% of American millennials said they would allocate money for houses, making real estate the most enticing investment option. 55% mentioned angel investment as a fantastic alternative, while 67% said they would immediately invest in innovation funds.

Two years ago, American businessman Tim Draper had suggested that millennials should buy Bitcoin to secure their financial future. He believes that owning Bitcoin may prove to be a more effective action than keeping money on the side to be used in retirement (assuming the price rises in the coming decades).

Half of millennials open to accepting pay in crypto

According to another survey, 36% of millennials and 51% of Generation Z (those born between 1997 and 2012) said they wanted to receive half of their salary in digital currency, instead of fiat.

According to Nigel Green, CEO of deVere Group, many young people find the asset class attractive because of the technological advances that took place when these people were children. They are the ones who understand “the enormous potential of digital currencies” because they have been exposed to a “huge wave” of progress through life.

Boomers are left behind

Crypto-literacy decreases with age, according to data from the Global Crypto-literacy Survey. According to the report, 67% of Baby Boomers could not answer simple questions about cryptocurrencies.

There is a gender gap between cryptocurrencies of all ages: 22% of men say they have used cryptocurrency, compared to only 10% of women.

Ergo, it is natural that younger generations have a bias towards crypto. After all, crypto follows the same adoption curve as other digital revolutions. Young people often accept new technology early on. And as time goes on, older generations pick up.