11% of young Americans invested their stimulus checks in crypto

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A new survey has found that more than one in ten U.S. citizens between the ages of 18 and 34 have invested some of their Covid-19 stimulus checks in crypto assets.

Conducted by CNBC and research firm Momentive, the survey interviewed 5,530 adults and found that 11% of survey participants had purchased cryptocurrency with their stimulus money.

It was found that around half of those surveyed had funneled their stimulus money into investments, 15% seeking exposure to stocks, 9% investing in mutual funds, and 6% supporting exchange-traded funds (ETFs). ).

The majority of young Americans appear optimistic about the future prospects of cryptocurrencies, with 60% of survey respondents indicating that they view digital assets as a long-term investment. In contrast, 21% described crypto as a short-term investment, while 26% said they entered the market with enthusiasm.

Appetite for crypto among young Americans also appears to be on the rise, with a Harris poll in March indicating that only 7.5% of respondents had invested their stimulus checks in digital assets at the time.

The Momentive survey also noted an increase in investment interest among Millennials and Generation Z in 2020. The survey found that most young Americans use mobile trading apps to invest, while social media are their main source of market analysis.

Related: 98% of CFOs Say Their Hedge Fund Will Have Invested in Bitcoin by 2026: Study

Those who had enough play to invest their first crypto stimulus check last year are reaping great rewards.

According to Bitcoin Stimulus, citizens who invested all of the first $ 1,200 stimulus checks issued on April 15, 2020 in BTC are currently sitting on more than $ 8,600, a gain of 620%.

Young crypto investors in Australia are also reaping huge benefits from their cryptocurrency investments.

According to a survey of Australians commissioned by local crypto exchange Swyftx, 20% of participants identifying as Millennial or Gen Xer said they had taken advantage of tens of thousands of crypto investments in the past 12 months.

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