Study finds 71% of crypto investors think they’ll become billionaires

Crypto investors think they’re well on their way to becoming billionaires, according to a new survey.

Despite Bitcoin falling more than 55 per cent of its value since its all-time high last November, cryptocurrency holders are refusing to remain anything but positive.

In a Harris Poll conducted back in July, results found that 71 per cent of cryptocurrency investors believed they had the available tools to become a billionaire down the line.

Thom Lang / Alamy

The survey included opinions from close to 2,000 Americans, and we’re assuming the majority of those consider themselves a ‘crypto-bro’. 

The study surveyed people across the Gen Z, Millennial, Gen X, and even Boomer generations and asked them about their opinions on billionaires and the American economy.

Of all those surveyed, 44 per cent believed they could possibly become a billionaire in the future, which was quite low compared to those who also considered themselves crypto investors.

In perhaps a direct reflection of American culture at the moment, 6 in 10 of those polled claimed they actually look up to billionaires and aspired to be one in the future.

On the other hand, 40 per cent despised those rich folk.

Those that set out to get themselves in that top tax bracket through cryptocurrency trading will no doubt be aware of the tumultuous industry that is digital coins.

Back in June, Bitcoin investors suffered an absolute bloodbath in the market and their ambitions looked like they were headed straight for the toilet.

Over the course of three days, Bitcoin investors bled funds to the tune of about $7.3 billion ($AUD 10.5m, £4.1m), according to blockchain analytics provider Glassnode.

Oksana Fedorchuk / Alamy

That’s heavy stuff.

However, cryptocurrency investing certainly boomed back in early 2021.

Between November 2020 and November 2021, it seemed like it was the greatest investment of all time for newbies as Bitcoin rose by a whopping 330 per cent, and subsequently took the rest of the coins with it.

With a greater interest in making money came greater knowledge of how these digital technologies work.

In a 2020 survey conducted by Devere Group, results found that two-thirds of millennials preferred Bitcoin to golf as an asset, linking the interest to its unique characteristics and being a decentralised source of value. 

That positivity surrounding cryptocurrency presumably hasn’t faded based on these latest Harris Poll results.

So don’t expect those ‘crypto-bro’ partygoers to go away anytime soon.