American Investors More likely To Acquire Crypto With A Credit Card
A survey of 1,000 people found that 21% were willing to borrow to buy cryptocurrency on credit, and more than 20% were willing to bank or refinance their homes.
As the cryptocurrency ecosystem grows and gains popularity, a recent survey of millennials has revealed shifts in investor confidence and consumer behavior.
According to a Gamblerspeak survey of 1,000 US cryptocurrency investors, Millenials now own more than $1,800 in Bitcoin.
According to the survey, 25% of respondents use credit cards instead of cash for purchases. Cryptocurrencies and borrow about 500 dollars from the bank or family member to supplement the existing portfolio.
When asked where they would invest their digital currency in the future, 21% said they would use consumer loans. While more than 20% said they would use bank savings or home loans.
Surprisingly, Baby Boomers borrowed more than $4,000 to buy cryptocurrency. On the other hand, borrowing for thousands of years is less likely to increase your cryptocurrency assets.
The main incentives for cryptocurrencies are the expectation of price increases and portfolio diversification.
The most influential figure among Americans is Elon Musk, but you can still rely on traditional moneymaker Warren Buffett and famous musician/rapper Snoop Dogg.
According to the report, cryptocurrency holdings in Baby Boomers are valued at more than $2,000 and can only be raised after a 65% return, while the bill is more likely than men to sell crypto assets.
To pay for their medical bills, 31% of generals and 17% of millennials have abandoned their student loan repayment option in Bitcoin. On average, most respondents expected to hold cryptocurrency for 6 months to 5 years.
Reddit is the most popular cryptocurrency decision site. On the other hand, millennials rely heavily on online forums, Twitter, and YouTube for investment advice.
A similar survey of more than 4,000 respondents by the Harris Poll found that minorities in America are more likely to invest in cryptocurrencies.
More than twice as many as about 25% of LGBTQ+ respondents, 23% of Black Americans, and 17% of Hispanics said they own cryptocurrencies.
As awareness of cryptocurrencies grows among minorities, a survey found that 43% of black Americans and 39% of LGBTQ+ groups faced discrimination from banks and lenders.
According to John Gerzema, CEO of Harris Poll, one of the main reasons small groups and minorities have received increased attention is because cryptocurrencies “Look like new, open, and forbidden to enter.”