11% of young Americans invest stimulus checks in cryptocurrencies

A new survey found that more than one in ten American citizens between the ages of 18 and 34 have invested part of the Covid-19 stimulus check in crypto assets.

Conducted by CNBC and research company Momentive Polls A survey of 5,530 adults found that 11% of survey participants used their stimulus funds to purchase cryptocurrency.

Approximately half of the respondents were found to use stimulus funds extensively for investment—15% sought to invest in stocks, 9% invested in mutual funds, and 6% supported exchange-traded funds (ETFs).

Most young Americans seem to be optimistic about the future prospects of cryptocurrency, and 60% of survey participants said they regard digital assets as a long-term investment. In contrast, 21% of people describe cryptocurrency as a short-term investment, while 26% say they participate in the market out of excitement.

The interest of young Americans in cryptocurrency seems to be growing. The Harris poll conducted in March showed that only 7.5% of respondents Invest in stimulus checks in digital assets then.

The Momentive poll also pointed out that there will be a surge in investment interest among millennials and Generation Z in 2020. The survey found that most young Americans use mobile trading applications to invest, and social media is their main source of market analysis.

related: 98% of CFOs stated that their hedge funds will invest in Bitcoin by 2026: Research

Those who invested the first stimulus check in cryptocurrency last year are reaping handsome returns.

According to the Bitcoin stimulus plan, citizens who invested all of the first batch of 1,200 USD stimulus checks issued on April 15, 2020 in BTC will currently hold more than 8,600 USD — 620% income.

Young cryptocurrency investors in Australia have also seen considerable profits from their cryptocurrency investments.

According to a survey of Australians commissioned by the local cryptocurrency exchange Swyftx, 20% Participants identified as Millennials or Generation Xer reported that they have made tens of thousands of profits from crypto investments in the past 12 months.