Most Americans who invest in crypto believe they have the tools to get rich. They all share the same trait: the dream of becoming millionaires.
More than 70% of crypto investors are confident they will get rich.
They say they have the tools to become millionaires in the future.
Most Americans share one dream: having money.
Over half of digital currency users believe that the new asset class will make them billionaires. So revealed a recent study conducted by The Harris Poll. U.S. adults' desires to become very wealthy are increasing; however, this trend is incredibly empowering among crypto-investors. Even though Bitcoin and other cryptocurrencies plummeted throughout 2022, users are confident in their investments.
According to the survey conducted in July of this year, 71% of Americans who own digital assets claimed to have the tools to become a billionaire in the future. In comparison, 44% of the broader group of survey participants agreed with the same statement.
Millennials Crave Wealth and Crypto
Most Americans share a common desire: to amass large fortunes of money. According to the study, 6 in 10 want to be a billionaire someday and claim that the wealthy are good for society. However, the remaining 40% said they loathe millionaires at the other extreme.
Although the research does not delve into the tools and strategies investors pursue to achieve this common goal, the results suggest that a broad group relies on cryptocurrencies as an alternative to accumulate wealth. The study found that younger generations are more likely to say they have the tools at their disposal to achieve billionaire status someday. Especially Generation Z (ages 18-24) and Millennials (ages 41-56).
Some 55% of Millennials and 66% of Gen Z respondents agreed with the premise. Although The Harris Poll study does not distinguish the age of cryptocurrency investors, the results appear to be in line with other surveys that point to younger people investing the most in digital assets.
In 2020, a survey by deVere Group found that more than two-thirds of millennials worldwide had more confidence in Bitcoin than gold as a haven asset. Previous studies have seen that the same demographic group preferred investing in Bitcoin over stocks like Netflix or the traditional stock market.
More recently, a survey by Capitalize reiterated this trend when it found that 56% of Gen Z adults and 54% of millennials say they include cryptocurrencies or NFTs as part of their retirement strategy.
Not everyone loves millionaires
Among other interesting findings, The Harris Poll research reveals that not everyone agrees with millennials. Nearly half of those surveyed believe that billionaires stand in the way of realizing the American dream. Again, younger people agreed with this premise the most (59% Gen Z and 58% Millennials).
On the other hand, Americans also came down hard on the elite and expected more from this group. 66% believe the wealthiest should pay more taxes. The survey suggests that Americans demand more fairness and resent millionaires for accumulating wealth during the pandemic, holding them responsible for rising inflation.
A significant group seems to disagree with Elon Musk's now failed Twitter takeover, while others believe the Tesla CEO should not be able to share his thoughts in tweets. Although they didn't say so, four in 10 Americans agreed that they don't think billionaires should be allowed to buy media companies and social platforms. Twenty-eight percent were even stricter and did not want the wealthy to post on social media.