Survey Shows Youngsters Are 7X Likely to Buy Crypto Than Adults

• Bank of America said younger, rich Americans are 7.5 times more likely to hold crypto.
• They surveyed 1,052 people over 21 with more than $3 million in investable assets.
• The crypto market has stagnated for days as BTC trades at $19,150 and $19,500.

This week saw the publication of Bank of America’s 2022 Private Bank Study of Wealthy Americans. The research emphasizes the findings of a May–June online poll of 1,052 adults over 21 with investable household assets of at least $3 million. 

According to the bank, the responders are a sample of the nation’s high-net-worth individuals who also stressed that they are not necessarily Bank of America customers.

The report revealed that younger investors who are not confident in stocks see cryptocurrencies as their number one choice. It added:

While 29% of younger people said crypto presents a leading opportunity to create wealth, only 7% of the older group agreed. The younger group is generally more interested in private equity or debt, as well as sustainable or environmental, social, and governance (ESG)-related investments.

According to the Bank of America, age is the dominating determinant of interest in cryptocurrencies. The bank further explained that younger individuals are 7.5 times more likely to own cryptocurrency than older people and are also five times more likely to claim they understand it pretty well, even though general usage is still low.  

Additionally, according to the poll, half of the younger group stated they look to social media for assistance on crypto, compared with 30% of the older group.

In other news, the crypto market has been pretty stagnant for the past few days as the most popular crypto, Bitcoin (BTC), trades at the $19,150 and $19,500 price points. Of the top then cryptos, Cardano (ADA) has been the worst-performing coin in the last seven days.