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.
About CryptoCurrencyWire
CryptoCurrencyWire (“CCW”) is a financial news and content distribution company that provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets, (3) enhanced press release services to ensure maximum impact, (4) social media distribution via IBN (InvestorBrandNetwork) to nearly 2 million followers, and (5) a full array of corporate communications solutions As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness. CCW is where news, content and information about crypto converge.
To receive instant SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.cryptocurrencywire.com
Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://CCW.fm/Disclaimer
CryptoCurrencyWire (CCW)
New York, New York
www.cryptocurrencywire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com
CryptoCurrencyWire is part of the InvestorBrandNetwork.
The U.S. Securities and Exchange Commission (SEC) recently launched an initiative called “Project Crypto,” aimed…
Argentina is stepping up its efforts to stop the use of crypto in the financing…
PayPal has rolled out a new feature that lets users pay with crypto directly through…
As digital currencies become more connected with mainstream finance, major players in the industry are…
While Bitcoin remains the top pick for most corporate treasuries, a growing number of companies…
Crypto-related stocks experienced a surge on Monday as Ether reached its highest price of the…