As the crypto ecosystem continues to mature and generalize, a new study on Millennials has shown a shift in investor sentiment and spending habits.
By polling 1,000 U.S. crypto investors, GamblersPick found that the average millennial now holds just over $ 1,800 in crypto.
The survey found that 25% of those polled bought cryptocurrency, using credit cards instead of fiat money, and borrowed nearly $ 500 from banks and families to build their existing wallets. When asked about the source of their future crypto investments, 21% of investigators revealed their intention to take on consumer debt, while more than 20% decided to use their bank savings or refinance their home.
Surprisingly, baby boomers have borrowed over $ 4,000 on average to buy cryptocurrency. Compared to that, the newer generations have taken less loans to improve their crypto wallets.
The main reasons for holding crypto are the perceived possibility of a price spike and portfolio diversification. While Elon Musk stands out as the biggest influence for Americans surveyed, investors are also considering contributions from mainstream investor Warren Buffet and acclaimed musician / rapper Snoop Dogg.
Out of the bundle, Baby Boomers hold the highest average crypto holdings of nearly $ 2,000 and only believe in cashing out after making 65% profit. While women, in general, were more likely to sell crypto holdings to pay for medical bills, 31% of Gen Z and 17% of Millennials are keeping their options open for paying off student loans with crypto. On average, respondents intend to hold crypto between six months and five years.
Reddit is currently the go-to platform for making crypto-related decisions. However, Millennials rely heavily on online forums, Twitter, and YouTube for investment advice.
Related: Minority communities invest in crypto to escape financial discrimination
A similar set of surveys of more than 4,000 people by Harris Poll showed that minority communities in the United States are more than twice as likely to invest in crypto assets. About 25% of respondents in the LGBTQ + community reported holding cryptocurrency, along with 23% of black Americans and 17% of Hispanics.
In tune with greater awareness of crypto among minority communities, the poll showed that 43% of black Americans and 39% of LGBTQ + communities face discrimination from banking and lending institutions.
Harris Poll CEO John Gerzema believes crypto’s “new open and seemingly fewer barriers to entry” may be one of the main reasons for the growing interest of small communities.