Bank of America has found that younger wealthy Americans are 7.5 times more likely to hold crypto in their portfolios than investors aged 43 and older. “If the youngest cohort isn’t confident in stocks, where do they see opportunities for investment growth? Alternatives, including cryptocurrencies, which are their No. 1 choice,” the bank wrote.
Young Wealthy Americans Prefer Cryptocurrencies to Stocks
Bank of America released its 2022 Private Bank Study of Wealthy Americans this week. The report highlights the results of an online survey, conducted from May to June, of 1,052 people who were over the age of 21 with household investable assets of more than $3 million. The bank noted that the respondents are a nationally representative sample of the U.S. high-net-worth population and not necessarily clients of Bank of America.
“Conventional investment advice suggests that younger investors hold more stocks, not fewer, than older investors. Yet the 21 to 42 age group holds just a...
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