Cryptocurrency is currently for the rich, according to a new report…
A quarter of ‘affluent’ millennials have invested in cryptocurrency and 31 per cent are interested in doing the same, according to a new study. Edelman’s Millennials With Money report looks at the behaviour of 1,000 affluent millennials, earning between $50-100K in individual or joint income.
The report notes that “millennials are the largest generation in the United States, making up more than a quarter of the nation’s living population. They are the most diverse and most educated. They are the first ‘digital natives’. They have come of age in times of great economic prosperity and economic uncertainty. And they are incredibly nuanced.”
Though almost half of respondents reported feeling in control of their finances, notably, 60 per cent said they are not saving for the long term. 40 per cent said that they often take risks with their finances.
Interestingly, fewer non-affluent millennials said that the financial system felt “designed to favour the rich and powerful” (65 per cent) than affluent millennials (77 per cent), which could be one reason behind their interest in alternatives.
In addition to those 25 per cent using or holding cryptocurrency, 74 per cent said that innovations such as blockchain technology will make global financial systems more secure.
A previous study into the thoughts and behaviour of millennials by Blockchain Capital revealed that more than half (52 per cent) of those questioned saw Bitcoin as a positive financial innovation, and 22 per cent of respondents said they would prefer to invest in crypto over traditional real estate.