A new survey published by LendEDU reveals the potential cryptocurrency investment strategies of people across different age groups.
The survey revolves around the following question: Given a $10,000 tax-free boost to income for investment purposes, what would you invest in?
While the overwhelming majority of the 1,000 respondents chose to invest in real estate, a significant proportion of people (5.1%) chose to invest in cryptocurrencies, with 9.19% of Millennials making this their number two choice.
Asked which cryptocurrencies they would invest in, all Millennials who participated in the survey responded positively to Bitcoin, Ethereum, and Litecoin. Literally none would consider Ripple or other altcoins.
Interestingly enough, Baby Boomers provided a positive answer to both at a rate of 9.09%.
Bitcoin emerged as the most popular digitl coin of them all, with 76% of Millennials, 60% of Gen Xers, and 54.55% of Baby Boomers selecting it as their crypto investment of choice.
Ethereum and Litecoin came neck-to-neck among Millennials, with 12% of them considering these their go-to investments in equal measure. However, Ethereum was more popular among both Gen Xers (20%) and Baby Boomers (18.18%).
Only Baby Boomers spared a thought for Ripple despite the fact that it is the third largest cryptocurrency by market capitalization with $23.4 billion under its belt.
The loss of interest in Ripple could be due to the fact that it isn’t mineable and is not necessarily as decentralized as the others on LendEDU’s list.
This is by no means a comprehensive overview of the desirability of cryptocurrencies among Millennials, but it certainly shows a couple of interesting trends that could be expanded on further.
Considering the fact that older individuals are more likely to invest in altcoins, it might be interesting to explore what makes them distrust mainstream cryptocurrencies.
Another trend we have explored in the past comes from the Bitcoin Survey Fall 2017, which revealed that 30% of Millennials would prefer $1,000 in Bitcoin over a $1,000 government bond.
The same survey also showed that 42% of Millennials believe most people will ditch the banking system and move over to Bitcoin.
This article appeared first on Cryptovest
