A report published by investing firm Alto surveyed adults based in the United States to find out their preferences in investing. The results showed that more millennials from ages 25 to 40 are investing in crypto compared to those of the same age who are investing in mutual funds.
The survey shows that 40% of millennial participants have invested in cryptocurrencies. According to the report, this is “greater than the percentage of millennials who own mutual funds.” Moreover, the number is almost equal to millennials who own stocks.
The report, dubbed “How Millennials See Their Financial Future,” also noted that most millennials either already own crypto or are considering buying. However, Alto Founder and CEO Eric Satz said that current conditions make it hard for millennials to consider investing. He explained that:
“In a world of conspicuous consumption, soaring living costs, and mounting student loan debt, millennials find it difficult to invest for the future because they are struggling to afford the present.”
Meanwhile, survey participants who are currently holding crypto mentioned that they are likely to add crypto to their retirement portfolio. The report highlighted that 70% of millennials who own crypto and have an individual retirement account (IRA) hold their digital assets in an IRA.
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Earlier in June, a survey also showed that high net worth individuals are also embracing crypto. In the “World Wealth Report,” results showed that 71% of wealthy participants have invested into digital assets. The assets invested in include crypto, nonfungible tokens (NFTs) and exchange-traded funds (ETFs).
In the same month, a report by research firm Blockware Intelligence showed that Bitcoin (BTC) adoption may surpass the adoption rate of technological disruptions such as smartphones, the internet and social media.