Younger Generations More Bullish on Cryptocurrencies
Does age influence your likelihood of investing in cryptocurrency? The 2022 Investopedia Financial Literacy Survey asked 4,000 Americans about their investment habits and found that younger Americans are generally more bullish on the future of digital currency. However, there are plenty of skeptics, even among millennials (ages 26-41) and Generation Z (ages 18-25). Here's a closer look at the results, breaking down cryptocurrency investment views across several key demographics.
Among all generations surveyed, millennials are more likely to invest in cryptocurrency. Of millennials surveyed, 64% indicated that they have investments, and 38% say that they have some kind of cryptocurrency investments. Of millennial investors, nearly 60% hold digital currencies. More specifically, 15% of millennials said that they own a non-fungible token (NFT), a digital asset relying on the same blockchain technology as cryptocurrencies.
Among millenials, older and wealthier individuals are more likely to invest in crypto. Of millennials earning at least $75,000 per year, 59% are digital currency holders, compared to 21% earning under $75,000. Millennial men are also about twice as likely to invest in cryptocurrency as millennial women.
«It makes sense that millennials are most likely to invest in cryptocurrency,» said Whitney Hansen, a financial coach in Boise, Idaho. «They are far enough into their careers to have some disposable income for investments but have a long enough time horizon before retirement that they are willing to take on the higher risk.»
«Boomers are right to be more cautious about riskier investments like cryptocurrencies, as they don't have as long of a timeframe to recover in the event of losses,» Hansen said.
Gen X
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