High-earning millennials lead the way in cryptocurrency investment, survey suggests
No matter what the markets say or trends are, cryptocurrencies have started to make an impact on popular beliefs and culture. While the bearish trend in the market continues to tap all the headlines, the general sense of curiosity and optimism surrounding cryptocurrencies continues to gather more momentum. According to a recent research unveiled by the blockchain-focused firm Clovr, high-earning millennials are more prone to invest in cryptocurrencies than other users. The survey collected information from over 1,000 individuals in the United States in the age group of 18-80 years.
According to the survey, over 75 percent of Americans feel they are familiar with cryptocurrencies. Peer pressure also seems to be playing its part in driving many Americans to consider investing in these digital currencies. Almost 40 percent cited “people I know were doing it” as a top reason for investing.
Men way ahead of women
The research also highlights the fact that men are almost twice as likely as women to invest in cryptos. The result shows that out of the total who have invested in cryptocurrencies, men are way ahead with 43 percent as compared to 23 percent of women. 47 percent of individuals with an annual income not less than $75,000 annually have invested in digital assets, while less than a quarter of those earning under $25,000 said they can afford to significantly invest in crypto.
According to data from the U.S. Bureau of Labor Statistics, the median weekly earnings in the second quarter of 2018 for a man between the ages of 25–34 was $857, or over $44,000 annually. In regards to explaining to others what crypto is, 62 percent of the survey participants said they are able to keep up a discussion about cryptocurrencies.
The survey also points to the growing popularity of cryptocurrencies, with about 80% of the respondents agreeing that this novel avenue for investment would be a positive way to take a risk and make money out of it than the traditional forms of stocks and shares.
Millennials leading the way
At times it’s tempting to caricature millennials as idealists, who are just looking for ways to make an impact on the society. According to The Brookings paper, a roundup of existing research on millennials quotes a UBS report calling them “the most [financially] conservative generation since the Great Depression.” And it seems that they are ones who are leading the way in crypto investment with 41 percent, a fact that bodes well for the future of cryptocurrencies.
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