According to Redfin, a multi-billion dollar real estate company listed on Nasdaq, 10 percent of millennials have sold their crypto holdings to afford their first home. In March of this year, Redfin surveyed 2,000 US residents to understand the perspectives and concerns of both millennials and full-time employees in their late 30s in entering the real estate market and acquiring their first primary residence.
The survey revealed that 69 percent of millennials and young adults saved paychecks issued by their employers in order to acquire their first residence or obtain a mortgage to pay off their real estate. The other 31 percent of millennials used unique strategies to afford a home for themselves.
12 percent of the remaining 31 percent of millennials were fortunate enough to have received inheritances from their wealthy parents, 24 percent obtained financial support from their family members in order to initiate a mortgage, 36 percent used earnings from a second job, 13 percent broke their retirement funds early (in their late 30s), and lastly, the remaining 10 percent sold their crypto holdings of Bitcoin, Ether (the native cryptocurrency of the Ethereum blockchain protocol), and other digital assets. “Millennial households earning more than $100,000 were more than three times more likely than their less-well-off peers to have sold cryptocurrency investments and twice as likely to have sold stock investments.
They were also more likely to have received an inheritance or cash gift from family or to have dipped into their retirement savings.” In an interview with Bloomberg, Albert Wenger, a managing partner at one of the world’s biggest venture capital firms, Union Square Ventures, stated that the winning cryptocurrency or digital asset that survives future bubbles in the market will likely be worth several trillion dollars. But, given that the cryptocurrency sector is still in its infancy, Wenger also emphasized that it is difficult to select the winning blockchain, and that the safest investment strategy is to diversify one’s savings across several cryptocurrencies that have higher chances of maintaining their dominance.
“Investors are rationally pouring a lot of money into this sector, because I think people are seeing the winning blockchain here might be worth a trillion, or a couple of trillion dollars. It’s not at all crazy to think that. Read more from altcointoday.com…
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