Majority of Gen Z Investors Believe Crypto Will Make Them Millionaires, New Poll Finds | Currency News | Financial and business news

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The majority of Gen Z investors believe crypto will make them millionaires, a recent Engine Insights study showed. “This generation is more accepted and more comfortable with anything digital,” an expert told Insider. “They feel that everything financial is more difficult for them than for previous generations,” said one expert. Sign up here for our daily newsletter, 10 things before the opening bell.

It sometimes seems like crypto is hitting new millionaires every day, especially those with the guts to dive into the risky world of altcoins. The most famous of them – like doge and shiba inu – produced tantalizing returns in 2021.

So it’s no surprise that investors are flocking to the space with dreams of quick wealth, and Gen Z investors in particular believe crypto will make them millionaires, a recent study from the company showed. Engine Insights data analysis.

Almost two-thirds – 59% – of Gen Z respondents to the survey believe they could get rich by investing in cryptocurrencies.

“This generation has a greater acceptance and comfort with all things digital, so it’s no surprise that they are more comfortable with crypto,” Kathy Sheehan, vice-president, told Insider. Senior President at Cassandra, a division of Engine Insights. “This generation has a lot of worries about debt and finances.”

A confluence of factors, from rising real estate costs to college education, could be to blame, Sheehan told Insider. Inflation hitting 30-year highs has only made crypto more appealing as the weakening fiat currency hits the headlines.

“They feel that everything financial is harder for them than it was for previous generations,” Sheehan said. “Combine this attitude with an increased risk appetite, it’s no surprise that they are hoping for a quick fix or a comeback.”

Generation Z, a group of approximately 72 million people in the United States born between 1997 and 2012, are the most diverse generation in American history in terms of race, ethnicity, and sexual orientation.

Overall, this generation is progressive, pro-government and activist. They also grew up in a time of defining cultural moments, most notably #MeToo and the post-George Floyd era, resisting a disruptive global pandemic on top of all that.

The survey, the results of which are based on responses from 1,027 people in November, also found that if offered $ 2,000 to invest, Gen Z respondents are three times more likely to purchase digital assets. than baby boomers, and twice as likely to view virtual currency as “legitimate currency”.

The crypto market has fluctuated wildly this year, but has generally trended upward. The crypto market cap recently hit $ 3 trillion.

Bitcoin has gained 100% since the start of the year, while Ether is up 480%. Coins themselves have done better, with dogecoin increasing 4,835% year-to-date and shiba inu soaring 63,490,000%.

Many retail investors have poured several rounds of government stimulus checks into stocks and crypto, helping to fuel the boom in both markets seen during the pandemic.

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