According to a new survey by CNBC, more than one in every ten American citizens between the ages of 18 and 34 who received Covid-19 stimulus checks have put a portion of their funds into crypto.
Survey participants included 5,530 adults who were polled by CNBC and the research firm Momentive. The results of the survey revealed that 11 percent of those who took part in it had used their stimulus money to purchase cryptocurrency.
According to the findings, roughly half of those who responded invested their stimulus money in a variety of ways, with 15 percent seeking exposure to stocks, 9 percent investing in mutual funds, and 6 percent investing in exchange-traded funds (ETFs).
The majority of young Americans are optimistic about the future of cryptocurrency, with 60 percent of those who took part in the survey stating that they view digital assets as a long-term investment. In contrast, 21 percent described cryptocurrency as a short-term investment, and 26 percent stated that they are participating in the market because they are excited about it.
Young Americans’ interest in cryptocurrencies appears to be increasing as well, according to a Harris Poll conducted in March, which found that only 7.5 percent of respondents had invested their stimulus checks into digital assets at the time of the survey.
In addition, the Momentive Poll found that Millennials and Generation Zers are more interested in investing in the year 2020. According to the results of the survey, the majority of young Americans invest through mobile trading apps, with social media serving as their primary source of market analysis.
All of those who were brave enough to invest their first stimulus check into cryptocurrency last year have reaped substantial rewards.
It is estimated that citizens who invested the entirety of the first $1,200 stimulus checks issued on April 15, 2020 into Bitcoin would currently be sitting on more than $8,600 — a 620 percent return.
Young cryptocurrency investors in Australia are also reaping substantial profits from their investments in cryptocurrencies.
Australians were polled for a survey commissioned by local cryptocurrency exchange Swyftx, and the results revealed that 20 percent of participants who identified as Millennials or Gen Xers reported making tens of thousands of dollars from cryptocurrency investments in the previous 12 months.
