By Shelly Melancon (Switzerland)
Many young Americans are buying cryptos with their stimulus checks, according to CNBC and Momentive. In a survey polled with over 5,530 people, they discovered that 11% already bought digital currencies with their stimulus pay. The poll further clarified that these Americans were between 18-34.
Cryptocurrency Investment Ranked Second
Still on the survey, approximately 50% channeled their pay into stocks, mutual assets, and ETFs. Stocks accounted for 15%, while 9% was for mutual investment. Only 6% ventured into ETFs.
A significant portion of Americans was confident of the prospects of the bullish trend of Bitcoin and other altcoins. Nearly 60% in the survey indicated that cryptocurrency investment was the long game, while 21% said they see crypto as the short game. 26% revealed that they are in the virtual ecosystem for fun.
Harris Poll noticed the growing interest for crypto amongst young Americans from a poll they conducted in March. According to the result, 7.5% of Millennials had invested their pays into virtual currencies at that period. Even the Momentive Poll noticed the high number of investments in the crypto space amongst Gen Zers last year. In a survey conducted, they discovered that many young Americans invested in cryptocurrency via their trading apps.
Several Investors Are Reaping Tremendously From Their Early Investments
Last week, bitcoin hit a new high record, breaking the $50k barrier. It bounced back from the massive slump in July, trading below $30k. It also hit the longest winning run for five straight weeks, the longest winning streak since November. Those who saw the long game and invested their stimulus checks into crypto last year and early this year are reaping handsomely from the surge in price.
Bitcoin Stimulus revealed that people who bought Bitcoin with their first checks in 2020 would be sitting on a massive $8600. Even Australia Millennial investors are also profiting from digital currency investments. Swyftx revealed that 20% of participants colossally from digital currency investments over the last one year.
CFOs are also not left out, as they have set a plan in motion to purchase cryptos with their hedge funds. In a survey by Intertrust Global in June, over 100 CFOs were queried, and 98% of them indicated their intention to invest in cryptocurrency. They all anticipate a 7.2% investment of their hedge funds in digital currency by 2026. The figure would amount to about $312 billion in assets. Some admitted that they could allocate 10% of the hedge funds to cryptocurrency.
The decision to move into cryptocurrency was sparked by the low dollar value, liquidity, and stimulus aid. These people turned into crypto because, at that time, Bitcoin rallied above $40k. It was more stable and had a great bull run compared to the dollar. They saw an opportunity and decided to take it. This news will only open more ways for people to invest in Bitcoin.
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