Cryptocurrency with a credit card
According to the survey, 25% of respondents purchased cryptocurrency with credit cards rather than fiat currency, and they borrowed approximately $500 from banks and family members to supplement their existing portfolio. When asked where they expect to get their money for future crypto investments, 21% said they'll utilise consumer loans, while more than 20% said they'll use their bank accounts or refinance their homes.
GamblersPick surveyed 1,000 American crypto investors and discovered that the average millennial now owns a little more than $1,800 in cryptocurrency.The expected prospect of a price explosion and portfolio diversification are the key motivations for keeping crypto. While Elon Musk is the most influential figure for the questioned Americans, classic financier Warren Buffet and popular musician/rapper Snoop Dogg are both being considered.Surprisingly, on average, baby boomers have borrowed almost $4,000 to buy cryptocurrencies. In comparison, younger generations have taken fewer loans to grow their cryptocurrency assets.
Baby boomers are said to have the highest average crypto holdings of about $2,000 and believe in cashing out only until they have made a 65 percent profit. While women were more likely to sell crypto assets to cover medical expenditures, Gen Z and millennials are keeping their options open when it comes to using cryptocurrency to pay off student loans. The average time respondents want to store cryptocurrency is six months to five years.Millennials, on the other hand, rely extensively on internet forums, Twitter, and YouTube for financial advice. Reddit is presently the go-to platform for making crypto-related decisions.
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