Survey: 11% of young Americans bought crypto with their stimulus checks

  • According to a new survey, 11 percent of Americans have purchased crypto assets with their stimulus checks.
  • The survey shows an increase in crypto adoption by the 7.5 percent millennials in March who invested their stimulus checks in crypto.

According to a recent survey, a significant percentage of young Americans chose to invest their stimulus checks in crypto. Rather than going for mutual assets and exchange-traded funds (ETFs), these young Americans prefer to invest their stimulus checks in crypto assets. This survey was conducted by CNBC and research firm Momentive, involving 5,530 adults.

Young Americans invest stimulus heavily in crypto

Specifically, the survey revealed that 11 percent of the participants took part of their stimulus money to buy crypto. Generally, more than 50 percent of the survey participants have channelled their stimulus money into investments. Out of these investors, 15 percent invested in stocks, 9 percent adopted mutual funds, while 6 percent preferred ETFs. 

Notably, some investors are also attracted to investing in the crypto space due to the recent growth in the market. Some 3 percent of the survey respondents stated that they were encouraged by the value increase in crypto. 

Also, the investors have different reasons for choosing to put their stimulus money in crypto assets. About 60 percent of the respondents said they decided on crypto because of the potential long-term growth. On the other hand, 44 percent said they see crypto as a short-term mode of investment. In addition, 33 percent of the participants preferred crypto because of the “ease of making their own trades,” while 26 percent invested in crypto simply because of the excitement of investing. 

Furthermore, the survey showed that half of the crypto investors started investing within the last 12 months. Around 65 percent of the investors use mobile crypto apps, while 23 percent employ self-service websites to make trades. 

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Bullish and bearish expectations on BTC

As expected, some Americans are not bullish on the growth of cryptocurrencies. Although some are confident in its continued ascent, others are not convinced that Bitcoin will continue to amass gains. Less than 44 percent of the public are not sure what BTC would become at the end of the year. Around 21 percent expect BTC to have increased by year-end, 14 percent said they expect the crypt asset to remain around its current value. In comparison, 14 percent said BTC would decline below its present level by the end of 2021. 

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There is an increase of young Americans who have invested their stimulus check in crypto between now and March. In March, a Harris Poll revealed that only 7.5 percent of respondents used their stimulus money on crypto. 

Furthermore, the Momentive Poll indicated an increased investment interested among Millennials and Gen Zs in 2020. Last year, some people invested their $1,200 stimulus check in BTC. According to the survey, most young Americans use mobile trading apps for investment. Those that invested their stimulus checks in April 2020 should currently have more than $8,600 now, representing a 620 percent gain.

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Bio: Ibukun Ogundare is a crypto writer and researcher who uses non-complex words to educate her audience. Ibukun is excited about writing and always looks forward to bringing more information to the world.

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