A report that was published by investing company Alto surveyed adults based in the US to determine their preferences in investing. The results obtained showed that more millennials between ages 25 and 40 are now investing in crypto compared to those of the same age who are currently investing in mutual funds.
The report titled “How Millennials See Their Financial Future” indicated that 40% of millennial survey participants have invested in cryptocurrency. This report also stated that it is “greater than the percentage of millennials who own mutual funds.” Furthermore, that number is nearly equal to the millennials who own stocks.
It was also discovered that a majority of the millennials either already own crypto or are considering purchasing. Nonetheless, Alto Founder and CEO Eric Satz stated that the current conditions make it significantly hard for the millennials to consider investing. He stated that:
“In a world of conspicuous consumption, soaring living costs, and mounting student loan debt, millennials find it difficult to invest for the future because they are struggling to afford the present.”
In the meantime, survey participants who are now holding crypto said that they are probably going to add crypto to their retirement portfolio. The same report highlighted that 70% of the millennials who own cryptocurrency and have an individual retirement account (IRA) hold their digital assets in an IRA.
Earlier this month, a survey also indicated that high net worth people are also adopting crypto. Within the “World Wealth Report,” results indicated that 71% of wealthy participants have invested significantly into digital assets.
The assets invested in include nonfungible tokens (NFTs), crypto, and exchange-traded funds (ETFs). Within the same month, a report by Blockware Intelligence indicated that Bitcoin adoption may exceed the adoption rate of technological disruptions such as the internet, smartphones, and social media.