cryptoknowmics.com
A new survey has found that young Americans are investing their stimulus checks in crypto rather than investing them in mutual funds and ETFs. The research was conducted by CNBC and it found out that more than one in ten American citizens aged between 18 to 34 has invested segments of their COVID-19 stimulus checks into crypto assets.
Young American Investors Preferring Crypto over Mutual Funds and ETFs
The recently conducted survey by CNBC and Momentive, a research firm, has queried 5,530 adults and found that 11% of survey participants had purchased crypto assets with their stimulus money.
Approximately half of the respondents were found to have invested their stimulus money into investments broadly with around 15% exposure to stocks, 9% to mutual funds, and 6% in ETFs.
It seems like a majority of young Americans are bullish on the future prospects of cryptocurrency, as over 60% of the participants in the survey consider digital assets as a long-term investment.
In addition to this, it should be noted that the Momentive Poll witnessed a rise in investment interest amongst Millenials and Gen Zers during 2020. It was found out in the survey that most young Americans made use of mobile trading applications to invest while social media is their leading source of market analysis.
Crypto Market Gave Handsome Rewards to Risk Takers
There is no denying the fact that the market has rewarded those who were brave enough to invest their first stimulus check into crypto last year.
In accordance with the Bitcoin stimulus, citizens who invested the entirety of the first $1,200 stimulus checks issued on April 15, 2020, into BTC would currently be sitting on over $8,600.
Moreover, according to a survey of Australians commissioned by local crypto exchange Swyftx, 20% of the participants identifying as a Millenial or Gen Xer reported profiting by tens of thousands from crypto investments over the past 12 months.