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59 percent of Gen Z think that cryptocurrency will make them millionaires: Survey

At least 59 percent two thirds of Gen Z respondents( born between 1997 and 2012) believe that they could become well off by putting resources into digital currencies.

By: Tech Desk | Pune |
Updated: November 22, 2021 5:34:21 pm
Representations of cryptocurrency Bitcoin are seen in this picture illustration taken June 7, 2021 | Reuters

Fuelled by the hype and advertisements, young investors are flocking to cryptocurrency exchanges with dreams of earning quick profits, and Gen Z investors specifically think cryptocurrency can make them millionaires, a new report by data analytics firm Engine Insights showed.

At least 59 percent two thirds of Gen Z respondents (born between 1997 and 2012) believe that they could become well off by investing into digital currencies. And 46 percent of Millennials (born between 1981 and 1996) believe they could become millionaires from cryptocurrency investments.

The survey was conducted among 1,027 adults who are 18 years of age and older. A total of 31 percent of US Adults believe they can become millionaires off crypto investments, the survey added.

“This generation has a greater acceptance and comfort with all things digital, so not surprising that would be more comfortable with crypto,” said Kathy Sheehan, SVP at Cassandra, a division of Engine Insights, as quoted by Insider.

According to a new report by Crypto Research and Intelligence Business (CREBACO), so far around 15 million Indians have embraced crypto and invested close to 10 billion dollars in crypto assets.

Earlier, in March, a study by fintech platform Stilt revealed that 94 percent of Crypto Buyers are Gen Z or Millennial— compared to just 6.14 percent across all other buyers over the age of 40. “In spite of more limited access to credit and greater amounts of debt, Gen Zers and Millennials are still putting their money — and hopes — into cryptocurrency in a big way,” the company said in a blog post.

Meanwhile, Prime Minister Narendra Modi said Thursday while flagging cryptocurrency as one of the areas where they should work together to “ensure it does not end up in the wrong hands” and “spoil our youth”.

Speaking on “India’s technology evolution and revolution” during a virtual address at the inaugural Sydney Dialogue, Modi referred to the digital age that “is changing everything around us” and said it was “essential for democracies to work together” — from technology to supply chains.

“Take cryptocurrency or bitcoin, for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth,” Modi said.

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