Digital currencies have seen significant gains of 154% since January 1, 2021. On August 18, Cryptovantage published a study showing that 3 out of 4 crypto investors said they made money from their crypto holdings, and cryptocurrencies account for 12% of the average millennial’s portfolio.
3 out of 4 investors in digital currency have benefited from it
Following Cryptovantage’s recently published study of people forgetting their crypto passwords, the company released another survey that asked 1,044 people born between 1965 and 1997. The survey explains how Millennials, Xennials and Gen Xers are investing in digital assets. “The popularity of crypto assets varied with age,” explains the new Cryptovantage report entitled “Generational Philosophies on Investing in Crypto”.
“Crypto assets accounted for 12% of the average Millennial portfolio, compared to 9.2% of the average Xennial portfolio and just 6.3% of the average Gen-Xer portfolio,” the study said. “Despite this larger proportional stake, millennials were not the most likely to report profits from investing in cryptocurrencies. Xennials, with the largest total investments, were 80.5% most likely to make a profit from crypto assets, compared with 76.2% of Millennials and only 71.5% of Gen X. ”The survey adds:
It’s worth noting that 3 out of 4 people have benefited from cryptocurrency investments overall.
Bitcoin is the most popular digital asset, Xennials prefer Bitcoin Cash, Dogecoin
The survey shows that Bitcoin (BTC) was the most popular across all generations, and millennials and Gen Xers also preferred Ethereum (ETH) alongside BTC. Xennials, on the other hand, opted for Bitcoin Cash (BCH) and Dogecoin (DOGE) over ETH. Most Millennials have chosen services like Coinbase and a number of Xennials prefer services like Bitcoin IRA.
While the report finds that the lion’s share of respondents cited “curiosity” as the number one reason to invest, high profits were the second most common reason. About 39% of the 1,044 respondents also stated that Elon Musk was beneficial to the cryptocurrency ecosystem.
“Xennials were most likely to start investing in cryptocurrencies because they believed it would provide security, transparency and give them greater independence,” wrote the author of the Cryptovantage report. “Gen Xer believed least of all in the same ideas; However, they viewed cryptos more as millennials and xennials as the currency of the future. “
What do you think of the study that shows that 3 out of 4 crypto investors have benefited from crypto investments? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Cryptovantage.com,
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