The second-largest bank in the United States ‘Bank of America’ has recently shared very interesting survey results involving cryptocurrencies.
The survey shows that youngsters in the United States are more interested to invest in cryptocurrencies than stocks.
The survey also confirms that the number of youngsters driven to cryptocurrency investments is 7.5 times more than the number of elderly people in the country.
Bank of America’s 2022 Survey on Wealthy Americans
The Bank of America just published the data surrounding the Wealthy Americans survey for the year 2022. In the survey, the BOA compared youngsters with elderly people who are wealthy.
The particular survey was conducted among 1,052 people between May and June. The participants in the survey were either 21 or over that age.
All of the participants had more than $3 million worth of assets in their possession that they could invest in other investment opportunities.
The BOA executives also clarified that these people are considered as some of the wealthiest individuals with US nationality. The bank also confirmed that all the participants are not their clients.
Youngsters below 21 Hold Stocks in Abundance
According to the BOA survey, investors aged 21 and up to 42 have less money invested in stocks than in cryptocurrencies.
The survey confirmed that the investors belonging to the age group of 21 to 42 only have a quarter of their investment portfolios in stocks.
On the other hand, investors aged 43 and over have 55% of their portfolios invested in stocks.
Young Investors are leaned toward Crypto
The survey makes it very clear that the majority of youngsters have less interest in stocks. This leads to the question of where these youngsters want to invest their money.
The answer is cryptocurrencies as the survey confirms that the majority of youngsters want to invest in digital assets. It confirms that crypto is the number 1 choice among youngsters.
Out of the total of younger participants, 29% sided with the opinion suggesting that cryptocurrencies have higher chances of creating wealth opportunities.
However, only 7% out of the total elderly people sided with the same. This confirms that youngsters are more attracted to cryptocurrencies than the elderly.
Compared to elderly investors, youngsters want to invest in assets that offer social, environmental, sustainable, and governance opportunities.
Youngsters are 7.5 Times more Into Crypto than Elders
The survey confirms that the number of youngsters interested in cryptocurrencies is 7.5x more than the elders.
As the data suggests that youngsters are interested in cryptocurrencies, over time, they would enter the same age group as the elders. This would mean that the main investment asset would be cryptocurrencies.
This ensures that the future of cryptocurrencies is secure even in countries such as the United States, where regulators are highly against digital assets.