Out of 1,000 American respondents, 21 percent intend to incur consumer debt to purchase crypto, while more than 20 percent intend to use bank funds or refinance their homes.
As the crypto ecosystem matures and becomes more mainstream, a recent study of millennials reveals a shift in investor sentiment and spending behaviour.
According to GamblersPick’s survey of 1,000 American crypto investors, the average millennial today owns little more than $1,800 in cryptocurrency.
According to the survey, 25% of respondents purchased cryptocurrency with credit cards rather than fiat currency, and they borrowed approximately $500 from banks and family members to supplement their existing portfolio.
When asked where they would get their money for future crypto investments, 21% said they would use consumer debt, while more over 20% said they would utilise bank savings or refinance their homes.
Surprisingly, on average, baby boomers borrowed almost $4,000 to purchase cryptocurrencies. In comparison, younger generations have taken fewer loans to expand their cryptocurrency assets.
The major reasons for keeping cryptocurrency are the perceived likelihood of a price surge and portfolio diversification. While Elon Musk is the most influential figure for the questioned Americans, classic financier Warren Buffet and popular musician/rapper Snoop Dogg are both being considered.
Baby boomers, according to reports, have the highest average crypto holdings of about $2,000 and believe in cashing out only after reaping a 65 percent profit.
While women were more inclined than males to sell crypto holdings to pay for medical expenditures, 31 percent of Gen Z and 17 percent of millennials are leaving their options open for paying off school loans using bitcoin. Respondents want to retain crypto for an average of six months to five years.
Although Reddit is presently the most popular medium for making crypto-related decisions, millennials rely significantly on online forums, Twitter, and YouTube for financial advice.
A similar set of Harris Poll polls of over 4,000 respondents found that minority populations in America are more than twice as likely to invest in crypto assets. 25 percent of LGBTQ respondents, 23 percent of Black Americans, and 17 percent of Hispanic Americans said they owned cryptocurrency.
In line with increased crypto knowledge among minority communities, the poll found that 43 percent of Black Americans and 39 percent of LGBTQ populations had faced discrimination from banking and lending organisations.
According to Harris Poll CEO John Gerzema, one of the main reasons for increased interest from smaller communities is crypto’s “new, open, and seemingly fewer barriers to entry.”
