Current research carried out by the firm Harris Poll found that crypto investors are much more inclined than the wider populace to conclude they have the potential to turn into billionaires.
Nearly 3/4 of Americans said they possessed the knowledge necessary to use crypto to become billionaires. This belief is not limited to the older age category. Millennials and Gen Z are also age groups that are thoroughly interested in cryptocurrencies.
Although some people are attracted to cryptocurrencies because they understand that decentralized banking will shape the future of finance, a recent survey reveals that the primary motivation for many investors in cryptocurrencies is profit.
In the United States of America, 23% of millennials and 20% of Gen Z adults profess to hold bitcoin, in comparison to just 13% of all U.S. adults in the nation. According to separate research, 54% of millennials and 56% of Gen Z respondents said they are participating in cryptocurrencies for retirement.
Another major reason most people are so interested in cryptocurrencies and believe they can make profits is the ability to hedge devaluation. Cryptocurrency does not function as a currency. It is not affected by inflationary forces in the same way that a national currency is. Your cryptocurrencies will gain value when the value of your money decreases. It is because when a local currency appreciates, individuals generally look for a better store of value.
In America, there is an ambivalent affair with billionaires. More than half of American adults who participated in the survey want to be billionaires, and the same number believe that they are beneficial to the people for development and industrial growth.
Nevertheless, less than half of respondents, including the younger generation, believe that the American dream is more problematic for ordinary citizens to accomplish because of tremendous wealth gain.
People who want to jump into the crypto world need to understand the risks. Cryptocurrencies can be an extremely volatile investment. Therefore, they need to invest time and effort and have the patience to avoid certain risks and make a profit.