Bank of America Survey: Young Wealthy Americans Prefer Crypto To Stocks
According to Bank of America, younger rich Americans are 7.5 times more likely to have cryptocurrency in their portfolios than investors aged 43 and older.
This week, Bank of America issued its 2022 Private Bank Study of Wealthy Americans. The research emphasizes the findings of an online survey of 1,052 persons over the age of 21 with household investable assets of more than $3 million, which was conducted from May to June.
The bank stated that the respondents are a nationally representative sample of the high-net-worth people in the United States and are not necessarily Bank of America clients. The bank wrote:
“If the youngest cohort isn’t confident in stocks, where do they see opportunities for investment growth? Alternatives, including cryptocurrencies, which are their No. 1 choice?”
“Conventional investment advice suggests that younger investors hold more stocks, not fewer, than older investors. Yet the 21 to 42 age group holds just a quarter of their portfolio in stocks, compared with 55% of investors aged 43 and older,” the report added.
Bank of America stressed that age is the most important element in cryptocurrency interest, elaborating:
“While overall usage is low, younger people are 7.5 times more likely to hold crypto in their portfolios and five times more likely to say they understand it quite well.”
Furthermore, the poll indicated that half of the younger group uses social media for crypto advice, compared to 30% of the older group.
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