A new survey shows that about two-thirds of Gen Z believe crypto will make them millionaires. Fueled by the hype and news stories regarding young Gen Z investors, those born between 1997 and 2012, believe that their crypto investors will pay off.
Details of the Survey
The data was compiled by Engine insights, a data analytics firm. It showed that at least 59 percent of Gen Z believe that could strike it rich by investing in crypto. The same study showed that around 46 percent of Millennials, those born between 1981 and 1996, believed they would become millionaires by investing in crypto.
The survey included 1,027 participants that are 18 years or older. In total, 31 percent of US adults believe that they could become millionaires by investing in crypto according to the study. According to the study, Gen Z has a greater acceptance and comfort when it comes to the digital world. It was thus not surprising that they felt more comfortable investing in crypto.
The study found that this was most common especially among young men. It found that over 40% of men between 18-29 years had invested in crypto, used crypto, or traded in crypto. In the same age group, only 19% of women had done the same.
People in older age groups are less likely to invest in crypto, including Millennials. Even renowned investors like Warren Buffet have chosen to give crypto a wide berth. One explanation for this is that younger investors have a skewed perspective when it comes to crypto. Older generations have lived through market bubbles that of the Japanese economy, the dot-com bubble, and the US housing crash. There has not been a major market upset in recent years, which means younger generations may not be as wary.
Unless something drastic happens to the crypto market, this interest is unlikely to waver. It is likely that as new use cases for crypto develop, the value of the crypto market will continue to rise. It also means that it will be more likely for genuine crypto projects that offer utility to catch on. This is because these projects will be presented to an audience that is already receptive to the crypto world.
With platforms such as erecoin.io providing constant and accurate information regarding developments in the crypto sector, it will make it easier to get the word out on happenings in the crypto sphere. One reason why this study is even more surprising is that Gen Z and Millennials have greater amounts of debt than any other generation. It thus shows that they believe that crypto could be a viable solution to their current limited economic means.
There are enticing projects within the DeFi space that seek to address these issues. Such projects aim to ensure the creation of an inclusive financial system that ensures equal access to everyone in the world. It is thus not difficult to see why the younger generations are such major believers in the potential of crypto and the associated blockchain technology.