Nearly a Third of Young Investors Say Crypto Presents Top Opportunity To Create Wealth: Bank of America Study – The Daily Hodl

A new study by financial giant Bank of America reveals that young investors are losing confidence in traditional investments.

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The report, which was conducted by market research firm Escalent on behalf of Bank of America, polled 1,052 high-net-worth respondents across the United States.

The respondents were over the age of 21 and had at least $3 million in investable assets, excluding primary residence.

According to the study, respondents between 21 and 42 years old have allocated only a quarter of their assets to stocks. The study also shows that 75% of respondents from the same age group say that “it’s no longer possible to achieve above-average returns” on traditional investment vehicles.

With majority of young investors losing confidence in traditional assets like stocks and bonds, the report reveals that their top asset of choice is crypto.

The Bank of America study shows that 29% of younger investors claim that crypto “presents a leading opportunity to create wealth.” The same group of investors are also interested in other alternative investments such as private equity, debt and ESG-related ventures.

Source: Bank of America

According to the study, young investors between 21 and 42 years old say that 15% of their portfolio is made up of crypto with 32% of them believing that digital assets can be an effective long-term investment vehicle. Of the same investor cohort, 64% claim they understand crypto quite well and 35% say they believe virtual assets will become a mainstream investment within half a decade.

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Source: Bank of America

In addition, the report says that 60% of young investors have direct exposure to crypto assets, while nearly half have invested in stocks of companies in the digital asset space. Young investors are also exploring the world of non-fungible tokens (NFT) with 59% of them saying that they currently own NFTs or are interested in the new type of digital asset.

You can read the full report here.

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The post Nearly a Third of Young Investors Say Crypto Presents Top Opportunity To Create Wealth: Bank of America Study – The Daily Hodl appeared first on BitcoinLinux.