Monday, August 8, 2022

Cryptocurrencies Becoming Investment Choice for Millennials in America

Despite the decline in the crypto market over the past few months, Millennials in the US are preferring to buy cryptocurrencies rather than investment avenues such as mutual funds. This category of investors also likes to invest in the stock market. Other investors in the US are also interested in cryptocurrencies.

Investment firm Alto has Report It is reported that about 40 percent of Millennials in the US want to buy crypto assets for the long term. Millennials are people in the age group of 25-40 years. These people are also considering buying cryptocurrencies as part of their retirement plan. “A significant number of Millennials have bought or are considering buying cryptocurrencies. More than 80 percent of Millennials who hold cryptocurrencies and an Individual Retirement Account (IRA) hold cryptocurrencies in an IRA,” the report said. ”

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This is not the first report indicating a rise in interest in the crypto segment. Earlier this month, Capgemini reported in a report that people around the world are investing in cryptocurrencies to diversify their portfolios. Apart from this, there are plans to invest in non-fungible tokens (NFTs) and exchange traded funds for those with high pockets. In February this year, pop singer Justin Bieber bought Bored Ape NFTs for around $2 million.

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Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated. The popularity of NFTs is also increasing. Sports clubs, automobile companies and pop stars are also getting into this business. With the growth of business in this segment, there has also been an increase in scam cases. In some such cases, NFT buyers have suffered huge losses. In the US, some major fraud cases related to this segment have been uncovered. Some of the accused have also been arrested.

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