Crypto assets are becoming popular across the US despite the recent dip in the market. Alto’s latest survey results indicate that almost 39% of surveyed millennials hold cryptocurrency assets. This number is more than the millennials who invested in mutual funds.
The global cryptocurrency market cap touched a record high of approximately $3 trillion in November 2021. Despite a massive plunge in prices, the adoption of digital currencies has kept growing during the last few months.
Crypto has established itself as one of the most popular alternative investment options in the past decade. Alto’s report noted that a rising number of millennials are exploring different alternative investment options to diversify their portfolios.
“When it comes to interest in digital assets, the vast majority of millennials either own crypto or are considering it. Almost 40% of millennials own crypto, which is greater than the percentage of millennials who own mutual funds and about equal to the number of millennials who own individual stocks. Those who own cryptocurrency are likely to include it in their retirement portfolio. Over 70% of millennials who own cryptocurrencies and an IRA, hold crypto in an IRA,” Alto’s report said.
The global cryptocurrency users increased by 178% in 2021 and touched the mark of 300 million. Retail and institutional adoption have climbed significantly during the last 12 months. While the rapid adoption rate has slowed down a little bit in the past few weeks, young investors have started diversifying their portfolios in assets like real estate.
“It might be in the news more often, but that doesn’t mean crypto is the only alternative that’s interesting to millennials. The alternative investment most appealing to millennials is real estate, with 77% of millennials showing interest. Innovation funds also have millennials’ attention, with 67% saying they would be interested in investing. Venture capital and angel investing also capture interest among 55% of millennials,” the report added.
This article was written by Bilal Jafar at www.financemagnates.com.