Investment In Cryptocurrency Begins To Look More Appealing For Millennials And Gen Z
Every generation has different ways that the financial industry has affected them. There has been the Internet boom, the stock market, and (now) cryptocurrency. While it is normal to see a wide array of ages impacted by cryptocurrency, there are a substantial number of millennials that want to improve their investment portfolios with crypto. Sustany Capital recently created a study regarding the statistics about investors in crypto to find that both millennials and Gen Z consumers are getting involved.
This study was the result of a survey that involved 1,000 participants, which was entirely made up of American adults. In the study, 88% of the millennials (ages 22-37) had the goal of using cryptocurrency to invest. When asked if they were interested in cryptocurrency as a savings plan, there were 42% of the total group that said that was their goal.
Over 75% of the people involved said that they see cryptocurrency as part of a financial plan. However, an equal number of people are hesitant to use it as such, considering the multiple risks on security. Again, this same percentage says that they want to invest with the assumption that they will make high profits, even though the potential of profit is based on the market. Most of the people in the survey that have not gotten involved in cryptocurrency are primarily due to a lack of knowledge and the intense governmental regulations.
What Interests Millennials About Cryptocurrency?
After discussing the general investments that come with crypto, Sustain Capital decided to review what consumers find is the most important aspects during an initial coin offering. Underlying technology was the most important factor for 59% of Gen Z (age 21 and under) and 44% of millennials. However, only 33% of Gen X (ages 38-53) and 25% of Baby Boomers (ages 54-72) feel the same.
However, the purpose of hosting an ICO has a similar level of importance, according to 33% of Gen X, 12% of millennials, and 6% of Gen Z. The team of an ICO seems to be the most important for about 50% of Baby Boomers, though only 13% of millennials and 6% of Gen Z agree.
Knowledge Of Cryptocurrencies
Obviously, before any of these factors, consumers need to have some sort of knowledge about cryptocurrency. Most of the people surveyed at least knew of their existence. However, even though blockchain technology is an integral part of these platforms, almost 25% did not know anything about it.
On this note, the managing partner of Sustany Capital, Christian Kameir, said, “To understand cryptocurrencies, you must first understand blockchain technologies. Blockchain technology–not cryptocurrencies–will impact most industries in profound ways.”