Younger rich Americans are far more likely to shun traditional investments in favour of ones they view as more likely to bring higher returns than their older peers, according to a Bank of America survey released Tuesday.
Stocks and cryptocurrencies have each cratered in 2022, though the market’s dip has been far less severe. Bitcoin is down 60% year-to-date to about $19,000, while the S&P 500 is down 25%. Both stocks and cryptocurrencies exploded in value during the first 18 months of the pandemic and are still up big over the last two and a half years, with the S&P providing a 55% return from its March 2020 low, compared to a 210% return for bitcoin.
16%. That’s the share of Americans who have invested in or used a cryptocurrency, according to a Pew Research Center survey last fall. About 30% of respondents ages 18 to 29 invested in or used a cryptocurrency, compared to 21% of those ages 30 to 49, 8% of those ages 50 to 64 and 3% of those ages 65 and older.
This article was first published on forbes.com
Rich Millennials Have Lost Confidence in Stock Market, BofA Says (Bloomberg)
Crypto’s Super User: Young Men. 43% Of U.S. Males Aged 18 To 29 Have Bought The Currency (Forbes)