Cryptocurrencies More Popular Than Mutual Funds Among Millennials, Survey Shows

Cryptocurrencies More Popular Than Mutual Funds Among Millennials, Survey Shows

vThe investment company Alto recently surveyed adults living in the United States to find out their preferences when it comes to investing. The results show that there are more millennials between the ages of 25 and 40 who invest in cryptocurrencies than in mutual funds.

The report, called “How Millennials View Their Financial Future,” reveals that almost 40% of millennial respondents have invested in cryptocurrencies. According to the report, this is “higher than the percentage of millennials who own mutual funds.” In addition, the percentage is almost equal to that of millennials who own shares.

The report also notes that the majority of millennials already own cryptocurrencies or are considering buying them. However, Alto founder and CEO Eric Satz said current conditions make it difficult for them to consider investing. He explained:

“In a world of conspicuous consumption, skyrocketing costs of living, and mounting student loan debt, millennials find it difficult to invest for the future because they are struggling to pay for the present.”

Meanwhile, survey participants who currently hold crypto mentioned that they are likely to add crypto to their retirement portfolio. The report highlights that 70% of millennials who own cryptocurrency and have an individual retirement account keep their digital assets in their IRA.

Earlier in June, another survey showed that high net worth individuals are embracing crypto as well. According to the “World Wealth Report”, 71% of wealthy participants have invested in digital assets such as cryptocurrencies, non-fungible tokens (NFTs) and exchange-traded funds.

the same month, a report by research firm Blockware Intelligence showed that Bitcoin (BTC) adoption could outpace the adoption rate of other technological disruptions such as smartphones, the internet, and social media.

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