Recent research by UK based- Law firm, Michelmores reveals that 20% of millennials surveyed have invested in cryptocurrency.
Millennials Are All for Crypto, Number of Crypto Millionaires Is Rising
The survey was done with 500 affluents Millennials possessing investable assets of £25,000 or more.
Per the survey, while traditional forms of investments are popular, cryptocurrencies are among the hot favorites.
The survey contrasts with the Financial Conduct Authority’s survey. The latter suggests that a figure of 3% across the general population, as compared to the 20% figure by the recent survey.
FCA survey further suggested that Bitcoin seemed to be the most popular cryptocurrency among consumers. More than 50 percent of the crypto-holders reported having invested their money on Bitcoin. Unfortunately, only one in three chose Ethereum. However, this shows that there is an increasing willingness amongst millennials to move away from traditional forms of investment and take a plunge with new technologies, regardless of risks.
Given the rise in number of bitcoin millionaires cryptocurrency investment is definitely a craze among the people in age group 25-35 years. As reported by Forbes in 2018, the top bitcoin millionaires together were valued around $ 24 billion.
Positive Crypto Sentiment On A Rapid Growth
A survey conducted by Fidelity in June revealed that more than 72% of the people in the survey prefer some kind of digital assets. These included pension funds, family offices, hedge funds, and other fund managers. Furthermore, 57% of them voted in favor of owning cryptocurrencies directly.
Tom Jessops, the President of Fidelity Digital Assets then said,
“More institutional investors are engaging with digital assets, either directly or through service providers, as the potential impact of blockchain technology on financial markets – new and old – becomes more readily apparent.”
The survey also reported that family offices and financial advisors displayed more inclination towards these digital assets than other Financial sectors.
36% of US Investors Consider Bitcoin Investments – GrayScale LLC
Another survey conducted by GrayScale LLC revealed that 36% of U.S. investors consider in Bitcoin(BTC) as an investment. Interestingly, it represents a potential market of over 21mm investors in the general population.”
About 70% of interested Bitcoin investors also included parents. The risk-reward ratio of Bitcoin also reveals that adding just 5% of it in an investment portfolio has the potential to yield huge rewards at a slight risk.
With crypto adoption on a rise, it is not a distant reality that crypto assets get a global approval. Let us know, what you think?
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.