Most Crypto Investors Think They Can Become Billionaires

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Peo­ple who invest in cryp­tocur­ren­cy are a lot more like­ly than the gen­er­al pub­lic to think they’re capa­ble of becom­ing bil­lion­aires, accord­ing to a new poll.

More than 70% of Amer­i­cans who invest in cryp­tocur­ren­cy said they believe they have the tools to become bil­lion­aires, com­pared to 44% of respon­dents over­all in a recent sur­vey from the Har­ris Poll, a glob­al mar­ket research firm.

The poll sur­veyed 1,989 Amer­i­can adults online in July. Cryp­to investors weren’t the only group with a par­tic­u­lar­ly high lev­el of con­fi­dence that they have what it takes to be like Bezos. Younger gen­er­a­tions — who hap­pen to invest in cryp­to more than old­er groups — as well as men and those who iden­ti­fy as LGBTQ were all much more like­ly to say they have the tools at their dis­pos­al to reach bil­lion­aire sta­tus one day. Some 55% of mil­len­ni­als and 66% of Gen Z respon­dents said so in the survey.

Why people invest in crypto — especially millennials and Gen Z

Accord­ing to a 2022 count by Forbes, there are around 735 bil­lion­aires in the Unit­ed States. But clear­ly, there are many more peo­ple who think becom­ing a bil­lion­aire is a real pos­si­bil­i­ty — espe­cial­ly if they’re young or involved in cryp­to invest­ing (or both).

Though some are drawn to cryp­to because they believe it is the future of finance or they love the con­cept of decen­tral­ized bank­ing, anoth­er recent sur­vey showed the main obvi­ous rea­son dri­ving cryp­to investors: They sim­ply want to make mon­ey.

And yes, younger investors are more like­ly to lit­er­al­ly be buy­ing in to the idea: As of August, 20% of Gen Z adults and 23% of mil­len­ni­als say they own bit­coin, com­pared to just 13% of U.S. adults over­all, accord­ing to a Morn­ing Con­sult poll. In yet anoth­er sur­vey, 56% of Gen Z adults and 54% of mil­len­ni­als said they are includ­ing cryp­tocur­ren­cy in their retire­ment plans.

FOMO, or the fear of miss­ing out, seems to dri­ve a lot of investors to put mon­ey in cryp­to, as does the urge to take chances with the hopes of get­ting rich quick. One study found evi­dence that bit­coin investors had high­er nov­el­ty seek­ing and high­er gam­bling tendencies.

America’s love-hate relationship with billionaires

Six in 10 U.S. adults respond­ing to the Har­ris Poll said they aspire to become bil­lion­aires one day. The same per­cent­age say that bil­lion­aires are good for soci­ety, inno­va­tion and the economy.

But those pos­i­tive per­cep­tions seem to be shift­ing among younger, more diverse crowds, with 46% say­ing they believe extreme wealth accu­mu­la­tion makes it more dif­fi­cult for most peo­ple to achieve the Amer­i­can dream.

“The self-made jour­ney of wealth accu­mu­la­tion has always been foun­da­tion­al to the Amer­i­can dream, once with mil­lion­aires and now bil­lion­aires,” Lib­by Rod­ney, futur­ist and chief strat­e­gy offi­cer at The Har­ris Poll Thought Lead­er­ship Prac­tice, said in a news release.

“Many Amer­i­cans still want to become bil­lion­aires,” Rod­ney said, “but from a col­lec­tive sen­si­bil­i­ty, the sto­ry is shift­ing as bil­lion­aires are being paint­ed as a bar­ri­er to Amer­i­cans achiev­ing their per­son­al dreams, while eco­nom­ic inequal­i­ty grows to a nation­al cri­sis point.”

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About 70% of sur­vey respon­dents said bil­lion­aires have a respon­si­bil­i­ty to improve soci­ety, but aren’t doing enough, and two-thirds said the ultra-wealthy should be taxed more heavily.

“As our soci­ety con­tin­ues to grow in two dif­fer­ent direc­tions, with the mid­dle class dis­ap­pear­ing, Amer­i­cans are hav­ing a reck­on­ing with wealth accu­mu­la­tion,” Rod­ney said.

Oth­er key find­ings from the survey:

  • 65% of Amer­i­cans think that bil­lion­aires don’t pay their fair share of taxes.
  • 58% think that bil­lion­aires’ activ­i­ties con­tribute to the rise in inflation.
  • 58% resent bil­lion­aires’ wealth accu­mu­la­tion dur­ing the pandemic.
  • 42% think bil­lion­aires should not be allowed to pur­chase busi­ness­es in the media indus­try (e.g., news­pa­pers, news web­sites) or social media (e.g., Twitter).
  • 28% say bil­lion­aires should­n’t be able to post on social media at all.
  • 47% say there is a point where wealth should be capped.

More from Money:

Sep­tem­ber Is Usu­al­ly a Bad Month for Cryp­to Prices: Analysis

8 Best Cryp­to Wal­lets of 2022

5 Best Cryp­to Exchanges of 2022

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