Young People In The US Invest COVID-19 Stimulus Funds In Crypto

Young people in the US are more interested in investing money in crypto. (unsplash)

Jakarta - A new survey found that more than one in ten Americans between the ages of 18 and 34 have invested part of their COVID-19 stimulus checks into crypto assets.

In a survey conducted by CNBC and research firm Momentive, the survey asked 5,530 adults and found that 11% of participants had purchased cryptocurrency with their stimulus money.

About half of respondents have funneled their stimulus money into investing broadly, with 15% seeking exposure to stocks, 9% investing in mutual funds, and 6% supporting exchange-traded funds (ETFs).

The majority of young Americans appear bullish on the future prospects of cryptocurrencies, with 60% of survey participants indicating that they view digital assets as long-term investments. In contrast, 21% describe crypto as a short-term investment, while 26% say they engage with the market out of excitement.

Young Americans' appetite for crypto appears to be growing, with a Harris Poll conducted in March showing that only 7.5% of respondents had invested their stimulus checks into digital assets.

The Momentive Poll also noted a surge in investment interest among Millennials and Gen Z during 2020. The survey found that most young Americans use mobile trading apps to invest, while social media is the dominant source of market analysis.

Those who played enough to invest their first stimulus check into crypto last year reaped good rewards.

According to Bitcoin Stimulus, citizens who invested the entirety of the first $1,200 stimulus check issued on April 15, 2020 into Bitcoin (BTC) will currently earn over $8,600 — a 620% increase.

Young crypto investors in Australia are also seeing considerable gains from their cryptocurrency investments.

According to a survey of Australians commissioned by local crypto exchange Swyftx, 20% of participants identified as Millennials or Gen Xers have reported making tens of thousands of dollars in profits from crypto investments over the past 12 months.