People who invest in cryptocurrency are much more likely than the general public to believe they are capable of becoming billionaires, according to a new poll.
More than 70% of Americans who invest in cryptocurrency said they believe they have the tools to become billionaires, compared to 44% of respondents overall in a recent survey by Harris Poll, a global market research firm.
The survey surveyed 1,989 US adults online in July. Crypto investors weren’t the only group with a particularly high level of confidence that they have what it takes to be like Bezos. Younger generations—who happen to invest in crypto more than older groups—as well as men and those who identify as LGBTQ were all much more likely to say they have the tools at their disposal to reach billionaire status one day. About 55% of millennials and 66% of Gen Z respondents said so in the survey.
Why people are investing in crypto – especially millennials and Gen Z
According to a 2022 count by Forbes, there are about 735 billionaires in the United States. But it’s clear that there are many more who believe that becoming a billionaire is a real possibility – especially if they are young or involved in crypto investing (or both).
While some are attracted to crypto because they think it’s the future of finance or they love the concept of decentralized banking, another recent survey revealed the main obvious reason driving crypto investors: They simply want to make money.
And yes, younger investors are more likely to literally buy into the idea: As of August, 20% of Gen Z adults and 23% of millennials say they own bitcoin, compared to just 13% of American adults overall, according to a Morning Consult poll. In another survey, 56% of Gen Z adults and 54% of millennials said they include cryptocurrency in their retirement plans.
FOMO, or the fear of missing out, seems to drive many investors to put money into crypto, as does the urge to take chances with hopes of getting rich quick. One study found evidence that bitcoin investors had higher search for news and higher gambling tendencies.
America’s love-hate relationship with billionaires
Six in ten American adults who responded to the Harris poll said they want to be billionaires one day. The same percentage say that billionaires are good for society, innovation and the economy.
But these positive perceptions appear to be changing among younger, more diverse crowds, with 46% saying they believe extreme wealth accumulation is making it harder for most people to achieve the American Dream.
“The self-made journey of wealth accumulation has always been fundamental to the American dream, once with millionaires and now with billionaires,” Libby Rodney, futurist and chief strategist at The Harris Poll Thought Leadership Practice, said in a press release.
“Many Americans still want to be billionaires,” Rodney said, “but from a collective sensibility, the story is changing as billionaires are painted as a barrier to Americans achieving their personal dreams, while economic inequality grows to a national crisis point.”
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About 70% of respondents said billionaires have a responsibility to improve society but are not doing enough, and two-thirds said the ultra-rich should be taxed more heavily.
“As our society continues to grow in two different directions, with the middle class disappearing, Americans have a showdown with wealth accumulation,” Rodney said.
Other key findings from the survey:
- 65% of Americans believe billionaires do not pay their fair share of taxes.
- 58% believe that the activities of billionaires contribute to the increase in inflation.
- 58% disapprove of billionaires’ wealth accumulation during the pandemic.
- 42% believe that billionaires should not be allowed to buy businesses in the media industry (eg newspapers, news websites) or social media (eg Twitter).
- 28% say billionaires should not be able to post on social media at all.
- 47% say there is a point where wealth should be limited.
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