A report published by the investment firm Alto conducted a survey of adults residing in the United States to find out what they prefer to invest. The results showed that more millennials between the ages of 25 and 40 invest in cryptocurrencies than those of the same age who invest in mutual funds.
The survey shows that 40% of millennial respondents have invested in cryptocurrencies. According to the report, this is “greater than the percentage of millennials who own mutual funds.” Moreover, the number is almost equal to millennials who own stock.
The report, called How Millennials See Their Financial Future, also noted that most millennials already own crypto or are considering a purchase. However, Alto founder and CEO, Eric Satz, said current conditions are making it difficult for millennials to consider investing. He explained that:
“In a world of conspicuous consumption, rising costs of living, and rising student loan debt, millennials are finding it difficult to invest in the future as they struggle to afford the present.”
Meanwhile, survey respondents who currently hold cryptocurrencies mentioned that they are likely to add crypto to their retirement wallet. The report highlights that 70% of millennials who own crypto and have an Individual Retirement Account (IRA) keep their digital assets in an IRA.
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Earlier in June, a survey also showed that high net worth individuals are also adopting cryptocurrency. Findings in the Global Wealth Report show that 71% of wealthy respondents have invested in digital assets. Invested assets include cryptocurrencies, non-fungible tokens (NFTs), and exchange-traded funds (ETFs).
In the same month, a report by research firm Blockware Intelligence showed that Bitcoin (BTC) adoption could outpace adoption of technological disruptions such as smartphones, the internet, and social media.