Investment firm Alto recently conducted a survey of adults residing in the United States to find out what they prefer to invest in. The results show that more millennials aged 25-40 invest in cryptocurrencies than mutual funds.
The report, called How Millennials See Their Financial Future, reveals that nearly 40% of millennial respondents have invested in cryptocurrency. According to the report, this is “greater than the percentage of millennials who own mutual funds.” Moreover, the percentage is almost equal to those who own stock that are millennials.
The report also notes that most millennials already own crypto or are considering a purchase. However, Eric Satz, Alto’s founder and CEO, said the current circumstances are making it difficult for them to consider investing. It is to explain:
“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 keep their digital assets in their IRA.
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Earlier in June, another survey showed that high net worth individuals are also adopting cryptocurrency. According to the Global Wealth Report, 71% of wealthy respondents have invested in digital assets such as cryptocurrencies, NFTs, and exchange-traded funds.
In the same month, a report by research firm Blockware Intelligence showed that Bitcoin (BTC) adoption may outpace that of other technological disruptions such as smartphones, the internet, and social media.