A new survey found that more than one of ten Americans between the ages of 18 and 34 had invested some of their stimulus checks in cryptocurrencies.
11% of young Americans have invested their stimulus checks in cryptocurrencies
The survey was conducted by CNBC in collaboration with Momentive and interviewed 5,530 adults. Found that 11% of survey participants bought cryptocurrencies for stimulus checks. In total, about half of the respondents used their incentive money for investments – 15% invested in shares, 9% invested in mutual funds and 6% used exchange-traded funds (ETFs).
Most young Americans look bullish in terms of future cryptocurrency prospects, with 60% of respondents saying they consider digital assets a long-term investment. In contrast, 21% described cryptocurrencies as short-term investments, while 26% said they were engaged in the market because of the excitement.
The survey also saw an increase in investment interest among Millennials and Generation Z during 2020. The survey found that most young Americans used mobile business applications to trade, while social media is their dominant source of market analysis.
Those who were playful enough to invest their first stimulus checks in cryptocurrencies last year reap nice rewards. According to the data, citizens who invested as much as $ 1,200 from the first stimulus checks issued on April 15, 2020 in BTC would currently hold more than $ 8,600 – a 620% profit.
Young cryptocurrency investors in Australia are also making significant returns on their investments. According to a survey conducted by the local Swyftx crypto exchange, 20% of participants identifying themselves as millennials or Generation X reported tens of thousands of profits in the last 12 months.