A recent survey has informed that many crypto investors are concerned about what will happen to their cryptocurrency investment when they are no more. However, only a few of them have a documented plan to pass on their crypto assets to loved ones after death. One of the reasons is the lack of digital currency estate services.
Crypto investors show concerns about their digital assets
In the online survey conducted by Cremation Institute between October last year to June 2020, a total of 1,150 cryptocurrency users were polled. The study informed that many crypto investors, especially younger generations, do not have any appropriate plan for their crypto-asset, in case they unexpectedly die.
Out of the total number of crypto investors who participated in the survey, 89 percent of them are concerned about what will happen to their hard-earned cryptocurrency investment. However, only 23 percent have actual documented plans on how their crypto assets will be managed when they are gone.
Following the findings, older generations are most likely having a documented plan in place for their cryptocurrency, unlike the younger Generation Z (18 to 25 years old), followed by Millennials (26 to 40 years old). Precisely, 59 percent of the younger generation and 35 percent of Millennials have no plan yet for their cryptocurrency investments.
Younger generations are less likely to plan for their crypto assets
For the older generation, about 86 percent of Generation X (41 to 55 years old) and 94 percent of Baby Boomers (56 to 76 years old) have instructed on how their cryptocurrencies will be managed after they pass out. Meanwhile, a smaller percentage of the younger generation have these instructions.
Conclusively, Cremation Institute noted that the lack of digital currency estate services and government regulation in many regions are part of the reasons behind the planning disorganization among crypto investors. So far, about 4 million BTC is locked out from circulation due to deaths and loss of access, as per Coincover.
