US Millennials own more crypto than mutual funds: survey

According to a survey conducted by the investment company Alto, 40% of American millennials (those aged 26-41) have cryptocurrencies. Almost the same proportion of people own individual shares, the survey estimated.

Millennials and their affiliation with crypto

The survey further informed that more American millennials had distributed some of their wealth to crypto than those who had traded in equity funds. 70% of HODLers have included digital assets in their individual pension accounts (IRAs).

In addition, the vast majority of Americans in the age group who do not own cryptocurrencies are considering entering the ecosystem in the near future.

However, current macroeconomic conditions have made it difficult for millennials to invest in all types of assets. Eric Satz – Founder and CEO of Alto – explained:

“In a world of conspicuous consumption, high living costs and rising student loan debt, millennials find it difficult to invest for the future because they struggle to afford the present.”

It is worth noting that real estate is still the most attractive investment option for US millennials, as 77% said they would allocate funds to real estate. 67% said they would jump into innovation funds, while 55% described Angel Investing as a great alternative.

Two years ago, the American billionaire Tim Draper claimed that millennials should invest in bitcoin if they want to secure their economic future. According to him, it is an old-fashioned model to put money on the side so that people can use it in retirement, while owning BTC may prove to be a better strategy (provided the price rises in the coming decades).

Half of Millennials would say “Yes” to pay in Crypto

Another recent poll estimated that 36% of millennials and 51% of Generation Z (those born between 1997-2012) prefer to receive half of their paychecks in digital currencies instead of fiat.

Nigel Green – CEO of deVere Group (the company that conducted the research) – suggested that many young people find the asset class attractive because of the technological developments that took place when these people were children. Influenced by the “huge increase” in innovations throughout its lifetime, it is they who understand the “massive potential of digital currencies,” he added.

While it was millennials, another survey found that 47% of such millionaires had distributed at least 1/4 of their wealth in digital assets. In addition, 30% have invested half of their capital in the market.