A new survey concluded that younger Americans are more likely to invest in cryptocurrencies and initial coin offerings (ICOs) than older age groups.
The latest survey concluded that Americans in the 18-34 age group are much more knowledgeable on cryptocurrencies than older age groups and therefore more likely to invest in the market. The survey was commissioned by LendEDU and carried out by OnePoll.
LendEDU has commissioned earlier surveys which also attempted to gauge the American thoughts and interest regarding cryptocurrency. Most notably, during September this year, they surveyed 1000 US citizens regarding their knowledge over several blockchain related currencies such as Ethereum and Ripple, as well as ICOs.
In this survey, 32% of participants confirmed that they knew of Ethereum, while 18% of this group confirmed that they intended to invest in Ethereum in the future. When it came to Ripple, the world’s third-largest cryptocurrency, 22% stated that they knew of the currency, and 15% showed interest in investing in Ripple.
The results were notably varied according to age groups. Younger Americans, however, seemed increasingly eager to invest in cryptocurrencies. While only 32% of Americans knew of Ethereum, a third of this percentage were willing to invest in it. Most notably, 25% of participants expressed interest in investing in Ripple, even though only 22% admitted to knowing of the cryptocurrency.
In older Americans, more specifically in the age group of Americans aged 55 and older, only 9% of participants demonstrated a knowledge of cryptocurrency, just 1.3% expressed an interest in investing in either Ethereum of Ripple.
The survey also asked participants about their knowledge regarding ICOs. While ICOs have been in existence since at least 2013, the crowdfunding-like practice has only recently garnered the attraction of the mainstream financial landscape.
While the survey’s results pertaining to ICOs was not ordered by age, 25% of participants stated that they knew of ICOs. A further 15% of participants added that they would readily invest in ICOs in the future. However, most bizarrely, 22% of participants were under the impression that ICOs were illegal.
While it is impossible to know if the participants will invest in either cryptocurrency on an ICO, the enthusiasm from younger Americans is indicative of a flourishing future market for cryptocurrencies. Some experts have posited that perhaps younger users will soon value Bitcoin more than gold. While this remains to be seen, the prominent Wall Street strategist, Tom Lee has estimated that the Bitcoin price is likely to rise to $25,000 within the next five years.