Crypto’s Newest Patrons Are High-Earning Millennials, a Clovr Survey of Investment Potential Suggests

By Rushali Shome

A recent survey conducted by Clovr, which posits most of its studies around blockchain, has revealed a distinctly upward trend in crypto investments among millennial men earning in the higher ranges of five figures. The study shows that millennials who earn between $75000 and $99999 each year tend to prefer cryptocurrency investments to a great extent. The sample population included more than thousand US citizens aged between eighteen and 80.
The results indicate that millennial men are doubly inclined than their seniors from older generations to invest in this field, with a whopping 43% of men taking the initiative to do so. In contrast, just 23% of their female counterparts took the leap. While these numbers correspond to those earning above $75000, just one fourth of millennials taking home less than $25000 a year have indicated the willingness and ability to invest in cryptocurrencies. If we are to take a look at the median income of millennial men aged 25 to 34, we find a comfortable value of around $44000, according to US Bureau of Labour Statistics Data.
Nearly 40% of those surveyed said that their peers had convinced them to invest in crypto and more than 35% admitted to the urban phenomenon of fear of missing out (FOMO) as the trigger behind their inclination. In a heartening piece of news for crypto enthusiasts, the survey found a significant level of awareness regarding virtual currencies, with over 75% of the sample population expressing confidence in their own knowledge of what cryptocurrency is. A small percentage of 20% claimed that they are somewhat aware of the crypto industry and its recent developments. 62% of these people also said that they would even be able to adequately sustain a conversation regarding cryptocurrencies. 1 out of 3 respondents opined that crypto investment is far more interesting and innovative than run-of-the-mill options like stocks and bonds and about 80% agreed that this novel avenue for investment would be a positive way to take a risk and make money out of it.
Even besides this particular survey, a host of recent studies have revealed the penchant for crypto that pervades millennials today. A September survey by YouGov Omnibus had also reflected a positive attitude towards cryptocurrencies among half of America’s millennial population. Clearly, the interest regarding crypto is in an upswing and a sustained momentum can do wonders for the industry’s overall health.

Rushali Shome

Rushali Shome is a history undergraduate with a keen interest in puns, politics and beyond. When not typing away furiously in the “Notes” section of her phone, she can be found trying to catch the eye of servers at restaurants or weddings for a second helping.

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