Millennials in the US are betting on cryptocurrencies more than they are on traditional investment tools like mutual funds. In a recent report, investment firm Alto said that millennials aged between 25-40 years are seeing crypto assets as a viable savings instrument. Currently in their prime years, ‘millennials' is a categorisation of people born between the years of 1981 and 1996. While mutual funds have taken a back seat for young investors, crypto assets and stock market investments are competing neck and neck.
The report titled ‘How Millennials See Their Financial Future' said that nearly 40 percent of millennials in the US are open to purchasing and storing crypto assets for longer terms.
Not only are youngsters trusting crypto in the US, but most already own virtual digital assets. In addition, several more people in the aforementioned age group are looking to buy cryptocurrencies as part of their retirement plans.
“When it comes to interest in digital assets, the vast majority of millennials either own crypto or are considering it. Those who own cryptocurrency are likely to include it in their retirement portfolio. Over 70 percent of millennials who own crypto and an individual retirement account (IRA), hold crypto in an IRA,” the report noted.
This is not the first report however, which has outlined the growing interest in crypto from around the world.
Earlier this month, Capgemini's World Wealth Report had also said that wealthy global residents are not shying away from investing in crypto in order to diversify their portfolios.
Not only cryptocurrencies, rich members of the society are also spending boatloads of money in purchasing non-fungible tokens (NFTs) and exchange-traded funds.
For instance, in February this year, pop singer Justin Bieber spent nearly $2 million (roughly Rs. 15 crore) on Bored Ape NFTs.
In September last year, venture capitalist Chamath Palihapitiya had called Bitcoin a “modern day replacement for gold”.
A recent report by Blockware Intelligence claimed that BTC will see more adoption than smartphones and Internet in the coming days.
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