A survey by Harris Poll has revealed that 60 percent of crypto investors in the U.S. believe they can become billionaires. The survey was conducted in July, involving 1,989 respondents.
Additionally, the survey showed that younger participants tended to believe they were equipped with the necessary instruments to achieve the status. Harris Poll reported that 55 percent of millennials and 66 percent of Gen Z participants held the belief.
Past studies suggested that the younger generations were likely to purchase crypto assets. Data showed that 54 percent of millennials and 56 percent of Gen Zs incorporated crypto into their retirement plans. They were interested in crypto investment because of the decentralized finance concept which provided financial freedom. However, some of them simply purchased crypto assets to generate profits.
“People want to achieve a higher wealth status, and the way to do that is to use investments to build assets and generate income,” Freddie Rappina of Opta Financial explained. “Investments don’t make you rich; income makes you rich.”
Despite their dream of becoming a billionaire, Harris Poll explained that there was a shift in perception about the ultra-wealthy among younger generations. About 46 percent of millennials and Gen Zs perceived extreme wealth as a barrier for society to achieve the “American Dream.”
Harris Poll CEO Libby Rodney explained that the basis of the American Dream was a “self-made journey of wealth accumulation.” Although people still aspire to become rich, they think extreme wealth contributes to the economic inequality that the country currently experiences.
“As our society continues to grow in two different directions, with the middle-class disappearing, Americans are having a reckoning with wealth accumulation,” Rodney added.
The survey also showed that 58 percent of the participants were adamant that the wealthy contributed to the high inflation rate plaguing the country. About 58 percent of respondents said they disliked the fact that rich people gained more wealth during the pandemic. Then, 47 percent of participants wanted to implement a maximum limit of wealth that a person could accumulate.
The survey also found that 70 percent of participants did not think that billionaires had done enough to improve society. Most respondents also said that billionaires should pay higher taxes. This finding supported a report released by Oxfam in May, which highlighted the need for higher taxes on the ultra-wealthy to bridge the economic gap prevalent in many countries.
Support for new taxing regulation
President Joe Biden earlier announced a plan to increase the tax rate for billionaires as a part of the 2023 federal budget. Biden referred to data showing that about 790 billionaires living in America had an eight percent tax rate.
The proposal “Billionaire Minimum Income Tax” calls for a minimum 20 percent tax rate on U.S. households with reported income over $100 million. If the proposal passes, more than half of the country's tax revenue may come from the billionaires, totaling up to $360 billion.
The public shows support for this bill. However, it failed to gain traction in the Senate. Some Senate members said the proposal “doesn’t make much sense.”