Bank of America has revealed a new study stating that millennials allocate less of their portfolios to traditional equities and more to alternative assets like cryptocurrencies.
The survey was conducted amongst 1,052 individuals with more than $3 million in investable assets.
Crypto allocation still low, says BoA exec
According to Jeff Busconi, chief operating officer of private banking at Bank of America, millennials are not buying into the narrative that an equities-based portfolio is a road to an above-average investment payout. Instead, the younger demographic has allocated up to 15% of their portfolios to digital assets, while the older demographic has only allocated 2%.
“We’ve had a very strong run in the stock market over the last decade and are now living through volatile times,” Busconi said.
In Sep. 2022, Forbes reported that investors with a 2.5% quarterly-rebalanced Bitcoin allocation between Jan. 2014 and Sep. 2020 saw almost 24% in improved returns from a traditional portfolio. But this was correlated with a 2,875% Bitcoin price increase, suggesting that timing is crucial to reaping substan
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