A recent poll involving Americans between the ages of 18 and 34 revealed that one-tenth of young Americans invested their Covid-19 stimulus checks on cryptocurrencies.
The survey was conducted by research firm Momentive and CNB. It sampled 5,530 young adults and about 11% (one in ten people) of the respondents said they had purchased cryptocurrencies with their stimulus money. This suggests that young Americans are choosing to invest in crypto over mutual assets and ETFs.
Just about half of the respondents channeled their stimulus money into general investments. 15% sought exposure via stocks, 9% invested in mutual funds, and 6% opted for exchange-traded funds (ETFs).
The future prospects of cryptocurrencies are obviously appealing to a majority of young Americans, with 60% of respondents viewing digital assets as a more feasible long-term investment. On the flip side, only 21% described crypto as a short-term investment, while 26% said they participated in the market out of excitement.
The survey also established that most young Americans used mobile trading apps to invest while analyzing the market via social media.
Those who invested the last year’s stimulus check on crypto are already reaping sizeable rewards. Similarly, young crypto investors in Australia are also reaping handsome rewards from their crypto investments. A survey of Australians commissioned by local crypto exchange Swyftx showed that 20% of participants identifying as a Millennial or Gen Xer reported profiting by tens of thousands from crypto investments in the past year.