A survey by investing firm Alto revealed that more millennials are investing in cryptocurrencies than in mutual funds. The survey also showed that the number of people interested in learning more about investing in blockchain technology is growing.
The report, released earlier this month, revealed that over 40% of millennials have already invested in cryptocurrencies. It is also higher than the percentage of them who own mutual funds.
The report also noted that most millennials are either already or are considering buying cryptocurrencies. However, Eric Satz, the founder and CEO of the company, said that current market conditions are making it hard for them to invest in the cryptocurrency space.
"In a world of conspicuous consumption, soaring living costs, and mounting student loan debt, millennials find it difficult to invest for the future because they are struggling to afford the present," Satz said.
According to the survey results, many currently holding cryptocurrencies are planning on adding them to their retirement portfolio. Seventy percent of the millennials who own digital assets have an Individual Retirement Account.
Another survey released in June also revealed that many high-net-worth individuals are starting to embrace cryptocurrencies. It showed that over 70% of them have already invested in various digital assets.
A report released in the same month by Blockware Intelligence noted that Bitcoin's adoption rate might surpass that of other technological disruptions.
Retails join crypto craze
A survey conducted by Deloitte revealed that over 75% of US retailers plan to accept payments using stablecoin or cryptocurrencies in the next couple of years.
The survey also revealed that over half of the retailers with revenue over $500 million are currently investing a million dollars in building the necessary infrastructure to accept payments using cryptocurrencies.
According to the survey results, most merchants believe that cryptocurrencies will be widely used in their industries within five years.
Almost 75% of the small- and medium-sized businesses that participated in the survey also invest in the infrastructure needed to accept payments using cryptocurrencies.
Deloitte also noted that the spending on the infrastructure needed to accept payments using cryptocurrencies is expected to increase over the next couple of years. More than 60% of the retailers that participated in the survey said they expect to spend over $500,000 in the next 12 months to December.
Positive outlook
The rising consumer interest in cryptocurrencies also contributes to the increasing number of retailers accepting payments using them. Over 80% of the retailers believe that their customers will start to embrace cryptocurrencies over the next couple of years.
Almost half of the retailers said their customers will experience a better customer experience due to their adoption of cryptocurrencies. They also believe that their brand will be regarded as cutting-edge.
Almost 95% of the retailers already started accepting cryptocurrencies also reported positive impacts on their customer metrics. However, some of the main factors that prevent them from fully embracing cryptocurrencies are the security of their payments system and the lack of a budget.
According to 45% of the survey participants, the biggest challenge they face when accepting payments using cryptocurrencies is the complexity of integrating them into their legacy systems.
In addition, Deloitte noted that the continued education of regulators on the various aspects of cryptocurrencies could help improve the clarity of the regulations and allow more widespread adoption of the technology.