11% of young Americans have invested their stimulus checks in cryptocurrencies

Young Americans are choosing cryptocurrencies over mutual assets and ETFs to invest their stimulus checks.
More than one in ten Americans aged 18 to 34 invested a portion of their coronavirus stimulus checks in cryptocurrency assets, a new survey found.
The survey, conducted by CNBC and research firm Momentive, covered 5,530 adults and found that 11% of participants used their stimulus funds to buy cryptocurrency.
About half of the respondents were found to have invested their bailout money broadly — 15% in stocks, 9% in mutual funds and 6% in exchange-traded funds (ETFs).
Most young Americans appear bullish on the future prospects of cryptocurrencies, with 60% of survey participants saying they view digital assets as long-term investments. In contrast, 21% described cryptocurrencies as short-term investments, while 26% said they participate in the market out of excitement.
Young Americans appear to have a growing appetite for cryptocurrencies, with a Harris Poll conducted in March showing that only 7.5% of respondents invested their stimulus checks in digital assets.
The Momentive poll also noted a surge in investing interest among millennials and Generation Z during 2020. The survey found that most young Americans use mobile trading apps to invest, while social media is their main source of market analysis.
Those who invested their first stimulus checks into cryptocurrencies last year are reaping the rewards.
According to Bitcoin Stimulus, citizens who invested all of the first $1,200 bailout check issued on April 15, 2020, in Bitcoin would currently be sitting on more than $8,600 — a 620% gain.
Young cryptocurrency investors in Australia are also seeing significant profits from their cryptocurrency investments.
According to a survey of Australians commissioned by local cryptocurrency exchange Swyftx, 20% of participants identified as "millennials" or "Generation X" said they had made tens of thousands of dollars in profits from cryptocurrency investments in the past 12 months. (Cointelegraph)