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CRYPTO INVESTORS: 70% BELIEVE THEY CAN BECOME BILLIONAIRES

 


Millennials & Generation Z are investing in cryptocurrencies

They are hoping for the big hit. According to a recent 2022 census by Forbes, there are approximately 735 total billionaires in the United States. But there are clearly many more people who believe that becoming a billionaire in the future is a real possibility - especially if they are young or involved in crypto investing .


Many young people are drawn to cryptocurrencies because they believe they will be the future of finance or because they love the concept of decentralized banking. Just recently, another survey conducted showed the obvious main reason driving crypto investors: they just want to make money. And indeed, younger investors are more likely to literally buy into this idea: in August, approximately 20% of Gen Z adults and 23% of Millennials said they own Bitcoin, compared to just 13% of Gen Z adults United States as a whole, according to a Morning Consult survey.


FOMO, in English the fear of missing out, seems to drive a great many investors to invest money in cryptocurrencies, as well as feel the urge to take certain risks in hopes of get-rich-quick.


Six out of 10 US adults who took part in the Harris poll said their goal is to one day become a billionaire. The same percentage say billionaires are good for society, innovation and the economy.


However, this positive perception seems to be shifting among younger, more diverse people: 46% believe that extreme wealth accumulation makes it more difficult for most people to achieve the American Dream.


In addition to the financial losses, there is another major danger in addiction. The crypto market never sleeps, and people get sucked into it.


Andy Leach , from Visions by Promises addiction clinic in Singapore, says he has seen a surge in young – particularly male – clients addicted to the steady thrill of trading cryptocurrencies and NFTs.

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