Millennials are driving cryptocurrencies investment globally, according to a report by Cryptovantage.
Cryptoadvantage revealed that Cryptocurrencies make up 12 per cent of millennials investment portfolio.
The report also said that three in four crypto investors have made money on their crypto holdings in 2021.
According to the report, digital currencies have seen significant gains in 2021 jumping 154 per cent in value since January 1.
“Crypto-assets represented 12 per cent of the average millennial portfolio, compared to 9.2 per cent of the average xennial portfolio and only 6.3 per cent of the average Gen Xer portfolio.
“Despite this larger proportional holding, millennials were not the most likely to report making a profit in cryptocurrency investing. Xennials, with the largest total investment, were the most likely to make a profit off crypto assets at 80.5 per cent, compared to 76.2 per cent of millennials and just 71.5 per cent of Gen Xers.
“That said, it’s worth noting that 3 in 4 people profited off cryptocurrency investments overall. Each generation showed an affinity for different coins, too. While Bitcoin was the most popular coin across all generations, millennials and Gen Xers’ favorite altcoin (coin other than Bitcoin) was Ethereum,” the report said.
It stated that the most common reason people start investing in cryptocurrencies across all generations was curiosity. The second most common reason was a belief that it would lead to higher returns.
However, millennials were the least likely to attribute their start in crypto investing to this belief.