Report: Young Rich Americans Are 7.5 Times More Likely To Own Cryptocurrency Than Older Investors
The Bank of America’s 2022 Wealthy Private Banker Research Report published this week found that wealthy young Americans prefer crypto to stocks and they hold cryptocurrencies in their portfolio. Investors 43 and older are 7.5 times and 5 times more likely to say that they know crypto well.
As recently reported by Bitcoin.com, this week saw the publication of Bank of America’s 2022 Private Bank Study of Wealthy Americans. The research emphasizes the findings of a May–June online poll of 1,052 adults over the age of 21 who had household investable assets of at least $3 million.
“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,” t
According to the updated report, up to 29% of young people say that cryptocurrencies offer the top opportunity to create wealth, only 7% of older people agree.
“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.”
Additionally, according to the survey, half of the younger group stated they turn to social media for guidance on crypto, compared with 30% of the older group.
The crypto craze is also driving young investors away from traditional investment categories like real estate or gold.
Cryptocurrency advocates say assets like Bitcoin, Ethereum and stablecoins, digital assets that closely follow the price of fiat money, offer better transaction speeds and lower costs. In addition, there are guarantees of privacy, security and the opportunity to provide financial services to “underbanked” communities.
Cryptocurrencies continue to become more and more popular, even as lawmakers warn of market risks and efforts to regulate the industry, introducing new rules for the market. While voicing concerns about the potential for fraud and the funding of illegal activities, the Washington administration has also made it clear that the US has a geopolitical interest in developing the infrastructure to monitor cryptocurrencies.
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