Bank of America’s Survey of Wealthy Americans: Younger People Are 7.5 Times More Likely to Hold Crypto in Their Portfolios

Bank of America has recovered that younger affluent Americans are 7.5 times much apt to clasp crypto successful their portfolios than investors aged 43 and older. “If the youngest cohort isn’t assured successful stocks, wherever bash they spot opportunities for concern growth? Alternatives, including cryptocurrencies, which are their No. 1 choice,” the slope wrote.

Young Wealthy Americans Prefer Cryptocurrencies to Stocks

Bank of America released its 2022 Private Bank Study of Wealthy Americans this week. The study highlights the results of an online survey, conducted from May to June, of 1,052 radical who were implicit the property of 21 with household investable assets of much than $3 million. The slope noted that the respondents are a nationally typical illustration of the U.S. high-net-worth colonisation and not needfully clients of Bank of America.

“Conventional concern proposal suggests that younger investors clasp much stocks, not fewer, than older investors. Yet the 21 to 42 property radical holds conscionable a 4th of their portfolio successful stocks, compared with 55% of investors aged 43 and older,” the study details, noting:

If the youngest cohort isn’t assured successful stocks, wherever bash they spot opportunities for concern growth? Alternatives, including cryptocurrencies, which are their No. 1 choice.

“While 29% of younger radical said crypto presents a starring accidental to make wealth, lone 7% of the older radical agreed. The younger radical is generally
more funny successful backstage equity oregon debt, arsenic good arsenic sustainable oregon environmental, societal and governance (ESG)-related investments,” the study adds.

Bank of America emphasized that property is “the ascendant origin erstwhile it comes to involvement successful cryptocurrencies,” elaborating:

While wide usage is low, younger radical are 7.5 times much apt to clasp crypto successful their portfolios and 5 times much apt to accidental they recognize it rather well.

Furthermore, the survey recovered that “Half of the younger radical said they crook to societal media for guidance connected crypto, compared with 30% of the older group.”

What bash you deliberation astir the findings by Bank of America? Let america cognize successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.