As the popularity of crypto continues to grow, a new study showed that Millennials have changed their investment habits. This recent change is deemed inevitable as more and more people are entering in crypto space. The majority of people now openly say that they feel more connected to the digital world as compared to the traditional money market.
More than 1,000 American Crypto investors own crypto assets worth $1800. Almost 25% of the survey participants said that they have bought crypto using their credit cards. Some of them have even revealed that they opted for bank loans of $500 to make up their crypto portfolio.
A vast majority of the U.S citizens hinted that in the future they are planning to go for public debt to invest heavily in the crypto market.
Over 20% of the survey respondents accepted that rely on their bank savings to invest in crypto. The data has sown that millennials on average borrow over $4,000 to buy crypto assets. The primary reason behind holding crypto is the apparent chance of a value flood and enhancement of the portfolio. While Elon Musk stands apart as the greatest impact for the reviewed Americans, financial backers are additionally thinking about inputs from conventional financial backer Warren Buffet and unmistakable performer/rapper Snoop Dogg.
The average worth of crypto assets held by millennial crypto investors in the U.S. is over $2000. However, 31% of the women crypto investors told that they used to spend their crypto assets for medical expenses. Moreover, 17% of millennials do have the option to pay their education loan with crypto assets.
The survey also stated that rather than relying on market experts, millennials rely on Twitter and YouTube for investment guidance. As compared to aged U.S citizens millennials are more aware and active participants in the crypto market. One of the biggest reasons that the young generation is rapidly investing in the crypto market is that market is quite open with low barriers of entry.
The use of atm cards has further lowered the complexity regarding digital payments. The fact of the matter is that institutional investors and monetary policy experts might see the uncertainty of the crypto market as a threat. However, for the young generation, the price surge and uncertainty are opportunities to earn massive profits. Over the past couple of months, the number of bitcoin ATMs has doubled in the United States of America. As a result of the increasing popularity of the crypto market, bitcoin prices might go up to $50k. On the other hand, bitcoin has full community and institutional backing as well. It seems that the crypto market is the most promising investment option for millennials.