A recent poll revealed that most cryptocurrency investors are optimistic about their crypto holdings. Despite the recent crypto winter that saw the crypto market lose a whopping $2 trillion, 8 out of 10 crypto investors are confident that their holdings will make them rich. When nearly 2,000 Americans were asked about their thoughts on billionaires, 71% of the investors said that they believed they already had the tools they needed to become billionaires.
In comparison, only 44% of all the groups combined believed they had the tools to make billions of dollars in the future. An estimated 60% of the cryptocurrency investors who were surveyed reported that they saw billionaires as an inspiration and wanted to become billionaires themselves. Millennials and gen Z’ers, who are much more likely to adopt disruptive technologies such as cryptocurrency, were also confident in their chances of becoming billionaires.
A Devere Group survey from 2020 revealed that Bitcoin was the preferred safe haven asset for two-thirds of millennials, with 67% of the participants stating that they believe Bitcoin is a better safe haven asset compared to gold. Devere Group founder and CEO Nigel Green said at the time that with millennials and young investors poised to become major market participants, and as the world becomes increasingly tech driven, Bitcoin’s status as a safe haven asset was growing as well.
Baby boomers currently holdeight times more wealth than millennials. Over the next 25 years, however, boomers will transfer their legacies to younger generations in what has been termed the largest generational transfer of wealth in human history. Baby boomers are expected to pass $30 trillion in wealth down to millennials and gen Z’ers over the next couple of decades
He also noted that younger generations may be pushed to digital currency due to increasing inflation. In the wake of the coronavirus pandemic, central banks around the globe stepped up their money-printing efforts to support their struggling economies. However, this has caused a devaluation of traditional fiat currencies and forced younger investors to look for alternatives that are out of banks’ control, such as the cryptocurrency market.
Since cryptos are built on decentralized ledger technology, there is no centralized entity, such as a bank, that controls the entire system. Green says the fact that Bitcoin is nonsovereign, scarce and decentralized and acts as a store of value gives it an edge over fiat currencies such as the dollar and gold.
Such surveys could give crypto mining firms such as Bit Digital Inc. (NASDAQ: BTBT) some additional encouragement to keep reaching out to different consumer segments and onboard them so that they too can reap the rewards that this industry promises.
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