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Bankrate survey: close to 50% of millennials are comfortable owning cryptocurrencies

millennials

TL; DR Breakdown

  • 49% of millennials, those aged between 25 and 40, are most comfortable with crypto investments.
  • Cryptocurrency is a worthy investment. However, it has several drawbacks that can harm investments.

Despite the cynical nature of investors towards cryptos, almost 50% of millennials have adopted these coins. This is according to a study conducted by Bankrate. It is no surprise that millennials are more content with cryptocurrencies. In fact, they make up a whopping 49% of those who want to advance in these types of investments. Compare this number with Gen Xers at 37% and baby boomers only 22%.

Younger generations seem to have a natural enthusiasm for cryptocurrency. Millennials, ages 25-40, reveal the most satisfaction with investing in digital assets. And 15% say they are “very comfortable” instead of just 7% of Gen X (ages range 41-56). Baby boomers also had only 4% content with cryptos.

Bankrate survey: close to 50% of millennials are comfortable owning cryptocurrencies 1

Some millennials are so sure of crypto’s future that they think it’s a better investment than traditional stocks and bonds. A survey found 12% believe Bitcoin or other crypto coins will be valuable ten years down the road.

In contrast, a paltry 9% of Gen X and 5% of baby boomers feel crypto assets are the most solid investment over the next decade.

The survey outcome flowed Bitcoin, and other cryptos are gaining more attention. In October the first bitcoin ETF hit the NYSE to grand display. It enabled investors to wager on its cost by an exchange.

Is cryptocurrency a worthy investment?

Cryptocurrencies are making waves across America, but they come with some critical shortfalls. Most people may be content investing in them due to their novelty and anonymity. Yet, financial advisors caution that cryptos are risky ventures due to their volatility.

Bitcoin has been highly fluctuating in 2021. It began the year at about $29 and spanned up to higher than 63K by mid-April.

But news of China banning this digital asset helped pull the crypto coin lower. It finally settled below $30,000 at the end of July. But since then, it has surged to hit a new all-time high at 67k USD per coin.

Bitcoin has seen extreme volatility in 2021

Bankrate survey: close to 50% of millennials are comfortable owning cryptocurrencies 2

Source: Tradingview

The price of Bitcoin has been unpredictable this year. Since January, it has fluctuated in seasons. In May, it crashed and then jumped back up again a few months later to hit its all-time high in October. At the time of writing, Bitcoin is showing bullish characteristics.

Cryptocurrencies are a hot investment with skyrocketing values. Cryptos have no backing, unlike traditional investments that can support an actual company’s assets and cash flow.

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Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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