A new survey conducted by the investing firm Alto sheds light that millennials in the U.S. prefer investing in cryptocurrencies to mutual funds. According to the research, 40% of millennials, aged between 26 to 41 own some form of cryptocurrency. On the other hand, only 29% of millennials in the U.S have invested in mutual funds. Also, millennials hold an equal number of stocks when compared to cryptos which are at 40%.
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The study suggests that the majority of investors are into cryptocurrency for the long term. Around 70% of the investors consider holding on to cryptos until their retirement. A majority of investors have included digital assets in their Individual Retirement Accounts (IRAs), claims the survey. This indicates that millennials plan to hold their cryptos for a minimum of at least two decades or more.
“When it comes to interest in digital assets, the vast majority of millennials either own crypto or are considering it. Almost 40% of millennials own crypto, which is greater than the percentage of millennials who own mutual funds. And about equal to the number of millennials who own individual stocks. Those who own cryptocurrency are likely to include it in their retirement portfolio,” revealed Alto.
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Millennials Favor Real Estate More Than Cryptocurrency
The only investment beating cryptocurrency among millennials is the real estate segment. A vast majority in the survey responded that they’re allocating funds to invest in properties. 77% of millennials said that the real estate market is an attractive investment due to its ability to deliver higher returns.
However, the survey revealed that millennials find it hard to invest in properties as the prices have skyrocketed. “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,” said Eric Satz, the CEO of Alto.
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The survey concluded that 36% of millennials prefer receiving salaries through cryptocurrency than fiat. Also, 51% of Gen-Z (born between 1997 to 2021) revealed they would like to accept cryptos as salary than the usual fiat currency.