Young investors are expected to focus their investment on crypto. $84 trillion is moving from older generations to younger people over the next decade.
According to one, millennial investors are betting their money on crypto A new survey By investment banker Charles Schwab.
The study examined the investment behavior of 2,200 investors to better understand how they approach a variety of exchange-traded products.
When asked where they would invest their money in the next year, 62% of millennials surveyed said they would invest in cryptocurrencies. American stocks and fixed-income assets ranked second and third, respectively.
A massive $84 trillion wealth transfer From older generations to young people, crypto is considered a huge boon.
Using data collected by Bank of America, crypto analyst Noel Acheson says that around $20 trillion will be invested in cryptocurrencies over the next decade. Bitcoin will see half of that money, with the rest flowing into DeFi, memecoins and other projects.
Spot Bitcoin ETF issuers are also paying close attention.
Although Larry Fink, CEO of $11.5 trillion asset manager BlackRock, called bitcoin a tool for money laundering in 2017, his firm launched a bitcoin ETF in January. The ETF is now the market leader with $22 billion invested.
“Bitcoin” is one of the most searched terms on BlackRock's site, Fink said. If the Wall Street giant tracks clicks, it should also know how younger generations are becoming more interested in crypto.
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Fidelity, which has invested more than $10 billion in its Bitcoin ETF, has actively promoted blockchain education to younger generations on TikTok and X. 69-year-old asset manager VanEck currently has PudgyPenguin NFT as its profile picture on X.
According to a Schwab study, cryptocurrencies may have captured the hearts and wallets of millennial investors, but they still play a role for older generations.
After American stocks, nearly half of investors surveyed — including Gen Xers and Boomers — plan to invest in crypto ETFs in the next year.
“so wonderful” Said Eric Balchunas, Senior ETF Analyst Bloomberg.
Liam is a Berlin-based correspondent News. Got a tip? Email him [email protected]
