Younger Americans are more interested in cryptocurrencies compared to other age groups, new survey data from online student loan marketplace LendEDU suggests. A recent poll shows that 50.4% of Americans aged 25-34 have heard of ethereum (ETH) and 33.8% of them plan to invest in ethereum as an asset for the future.
Young Americans between the ages of 18 and 34 are more familiar with cryptocurrencies and more likely to invest in crypto assets than older age groups, according to a recent survey commissioned by student loan consolidation service LendEDU and conducted by OnePoll.
Following a September survey that measured the knowledge and sentiment of the average Americans regarding bitcoin, LendEDU asked 1,000 Americans about their awareness of ethereum and ripple, the second and third-largest cryptocurrencies by market capitalization.
According to the data, 31.6% of all respondents have heard of ethereum (ETH) (with 18.2% planning to invest in ethereum), while 22.2% of all respondents have heard of ripple (XRP) (with 14.8% planning to invest in it).
Young Americans between the ages of 18 and 34 showed more willingness to invest in ethereum and ripple than older age groups.
Of those between the ages of 18 and 24, 32.08% plan to invest in ethereum, while an equal 32.08% remain undecided and 35.85% dismiss the possibility. For the respondents in the 25-34 demographic, 33.8% are inclined to invest in ethereum, 31.94% don’t consider an investment, and 34.26% are undecided.
By comparison, only 11% of those in the 45-54 demographic indicated an interest in investing in ethereum. Just over 1% of respondents aged 55+ expressed the same sentiment.
The survey also explored initial coin offerings (ICOs) knowledge and perception. Approximately a quarter of respondents had heard of ICOs and 15.10% said they were planning to invest in a startup or venture via an initial coin offering. However, 21% of respondents thought investing in an initial coin offering is illegal.
“In our September survey, we found that 10.69 percent of Americans believed that owning Bitcoin was illegal in the United States. In our October survey, we found that 21.00 percent of respondents believe that investing in an initial coin offering is illegal. And, 61.10 percent of respondents were unsure about the legality of investing in an initial coin offering,” LendEDU said of the results.
33% of young Americans plan to invest in ethereum – Image source: btckeychain/Flickr