New research shows that U.S. investors tend to use credit cards to buy cryptocurrencies

As the crypto ecosystem continues to mature and become mainstream, a new study for millennials shows that investor sentiment and consumption habits have changed.

GamblersPick surveyed 1,000 U.S. cryptocurrency investors Established The average millennial generation today holds slightly more than $1,800 in cryptocurrency.

The survey showed that 25% of respondents used credit cards instead of fiat currencies to purchase cryptocurrencies, and borrowed nearly $500 from banks and households to make up their existing investment portfolios. When asked about the source of their future crypto investments, 21% of investigators revealed their plans to assume consumer debt, while more than 20% decided to use their bank savings or refinance their homes.

Surprisingly, the average baby boomer borrowed more than $4,000 to buy cryptocurrency. In contrast, the new generation of people get fewer loans to strengthen their crypto portfolio.

The main reasons for holding cryptocurrencies are the possibility of price spikes and portfolio diversification. Although Elon Musk has the greatest influence on the Americans under investigation, investors are also considering the input of traditional investor Warren Buffett and the famous musician/rapper Snoop Dog.

According to reports, the average cryptocurrency holdings of the baby boomers are the highest, close to $2,000, and they believe they can only cash out after achieving 65% of their profits. Although women are generally more likely to sell cryptocurrency assets to pay for medical expenses, 31% of Gen Z and 17% of millennials remain open to using cryptocurrency to repay student loans. On average, respondents intend to hold cryptocurrency at any time between six months and five years.

Reddit is currently the platform of choice for making encryption-related decisions. However, millennials rely heavily on online forums, Twitter and YouTube for investment guidance.

related: Minority communities are investing in cryptocurrencies to escape financial discrimination

A group of similar Survey of more than 4,000 people Harris polls show that minority communities in the United States are more than twice as likely to invest in crypto assets. Approximately 25% of respondents from the LGBTQ+ community stated that they hold cryptocurrency, as well as 23% of black Americans and 17% of Hispanics.

Consistent with the higher awareness of encryption in minority communities, opinion polls show that 43% of black Americans and 39% of LGBTQ+ communities are discriminated against by banks and lending institutions.

Harris Poll CEO John Gerzema believes that the “new, open and seemingly fewer barriers to entry” of cryptocurrencies may be one of the biggest reasons for the increase in interest from small communities.