Crypto Investors: According to a recent study, getting rich on crypto is still the dream.
Barely out of the crisis, crypto still seems to make its investors fantasize about that Lamborghini or a luxury watch. Carried by figures of billionaires who started from nothing, such as CZ or Elon Musk, the industry still attracts many individuals who want to believe that mega-wealth is in their stars.
Crypto investors: Still dreaming
A Harris Poll Thought Leadership Practice study was conducted last month. Nearly 70% of investors surveyed from the crypto sphere believe that they could become billionaires thanks to the industry. Those surveyed were a selection of more than 1,900 individuals, of all generations.
Among the users claiming that crypto could make them billions, a majority were from younger generations – millennials or generation Z.
This study suggests that the younger generations would be more likely to turn to crypto in the face of a failing economic system.
In addition, according to a survey by Capitalize, individuals from these two generations would be more likely to consider crypto investing to fund their retirement.
Get rich quick: Bad for the industry
The results of the Harris Poll Thought Leadership Practice survey could tell us two things about crypto. On the one hand, young people no longer trust current mainstream financial systems.
On the other hand, the idea of becoming rich thanks to digital currencies is still relevant. Great financiers such as Robert Kyosaki, who advocates wealth through Bitcoin, continue to push such dreams.
There is a divide within the sector. Some want to eliminate speculation, even while investors continue to see crypto as a way to make money. This situation can lure users into Ponzi schemes or other scams promising large monthly returns.
Thanks to his false experimentation, FatMan had already proven the phenomenon this week.
While I used plenty of buzzwords and put on a very convincing act on all platforms, I made sure to keep the investment details intentionally obscure – I didn’t name the fund & I didn’t describe the trade – no one knew where the yield was coming from. But people still invested.
— FatMan (@FatManTerra) September 5, 2022
Speculation can lead to a crisis situation within the sector, but also to a loss of investor confidence. Every crypto crash also gives the industry a bad name.
The upcoming Ethereum Merge could only amplify the phenomenon. With a community eager to see ETH gain in value, the project could attract new investors who are only interested in profit.
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