Alto, an investment firm, recently surveyed individuals in the United States to understand their investment preferences. The survey states that millennials aged between 25 and 40 are investing more in cryptocurrency than in mutual funds. Another remarkable thing about this study is that more than half of the millennials surveyed claimed that their preferred way to invest in cryptocurrencies is through an online broker.
According to the research, titled “How Millennials See Their Financial Future,” nearly 40% of millennial respondents had invested in cryptocurrencies. This is “higher than the proportion of millennials who hold mutual funds.”
However, Alto founder and CEO Eric Satz said that the present business situation makes it difficult for them to consider investing. He explained: “In a world of conspicuous consumption, soaring living costs, and mounting student loan debt, millennials find it difficult to invest for the future because they are struggling to afford the present.”
Meanwhile, survey respondents who now own cryptocurrency said that they want to add it to their retirement account. According to the survey, 70% of millennials who own cryptocurrency and have an individual retirement account keep their digital assets in their IRA. Another survey conducted earlier in June revealed that high-net-worth people are also adopting cryptocurrency.
This may be because cryptocurrency can also serve as a hedge against inflation, which helps people preserve their wealth through uncertain economic times.
