Bankrate, a financial services company, found that millennials in the United States are less enthusiastic about cryptocurrency than they were last year.
A majority of respondents felt comfortable investing in digital assets, compared to around 30% in 2021.
The Most Recent Trend Changes
Generation Z and millennials are the most active generation in cryptocurrency. However, a recent survey revealed that some former participants had lost their enthusiasm for the sector.
James Royal, Principal Reporter at Bankrate, reminded us that approximately 50% of US millennials felt confident investing in digital assets last fiscal year. This number has since dropped to 30%.
According to him, the high prices of Bitcoin and Ether accounted for most of the interest generated in 2021. Royals explained that many young people believed they could make a lot of money fast, and that is why they joined the ecosystem.
Bankrate’s employee argued that cryptocurrency investments are based on the “greater fool theory”, where you can only make profits by selling your holdings to someone willing to pay more than the initial. Royals claimed that “legendary investors” such as Warren Buffett are critical of cryptocurrency investments.
He advised Americans to keep their wealth in the stock market, particularly the S&P 500 Index, during financial crises.
“Buying the S&P 500 index funds regularly and holding on to them through thick and thin has made many millionaires in America.”
While the US trends seem to have changed over the last few months, residents from other countries have shown significant interest in cryptocurrency.
Some people have started to invest in digital assets, especially stablecoins, because of the alarming inflation rate and political turmoil in Turkey and Argentina.
Millennials prefer crypto over mutual funds
Alto, an investment firm, conducted another analysis this summer and found that 40% of Americans between 26-41 have had some exposure to cryptocurrency. While the same number of people admit to investing in individual stocks and less than 35% have mutual funds, they are almost equal.
It is interesting to note that 36% of millennials wished to have half their salary in crypto assets in November 2021 when bitcoin was trading at $69,000.
Nigel Green, CEO and Founder deVere Group, explained to the younger generation that the reason for their enthusiasm was because they are most interested in technology innovations and understand the “massive potential” of digital currencies.
Crypto’s Popularity Among American Millennials Declined (Survey), appeared first on CryptoPotato.
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