US Millennials flocking to crypto like financing methods such as crypto: Survey
A survey found some interesting data that is showing that US Millennials are now showing their huge inclination towards alternative payment methods like crypto assets.
Charlotte Principato’s author surveyed 50,000 different people, who are in the age range of 26 to 41, in the US. The survey was conducted between July to December 2021, entitled The State of Consumer Banking & Payments.
Charlotte Principato, the author of this report, stated that these reports include those factors, which were associated with the huge surge in crypto adoption in 2021 to outline the statistics of Crypto adoption.
She added:
“Although a volatile asset, cryptocurrency has successfully held the interest of consumers around the world and continued to grow.”
In December 2021, around 48% of Millennials households were holding crypto assets in their investment, which was 30% in June of the same year. During the same time frame, reportedly 20% of US adults hold crypto assets.
According to the data of this survey, the majority of the Millennials are looking at crypto as an alternative financial method because of the downgraded financial well-being scores which remained lower than the national average last year.
The author of this survey stated that downgraded financial well-being in the US of the whole world was a trend because of COVID-19 and its variant omicron last year. And still, countries didn’t recover perfectly recovered from this incident. So under such situations, people are moving toward those options, which can easily absorb the shock of hammer of any negative financial situation, so they are choosing such an asset class.
Survey data revealed that 70% of Millennials use and hold crypto assets. 25% of these people are generating income of around $100,000 yearly.
It is worth noting that 16% of adults in the US are Hispanic and 24% of them are holding crypto assets.
Read also: Pantera CEO says crypto is best place during fed rate hike
