The majority of Gen Z investors think crypto will make them millionaires, a recent study by Engine Insights showed.
"This generation has a greater acceptance and comfort with all things digital," an expert told Insider.
"They feel that everything financial is harder for them than it was for previous generations," an expert said.
It sometimes seems crypto is minting new millionaires by the day, particularly those with the stomach to dabble in the risky world of altcoins. The most famous of these — like doge and shiba inu — have produced some eye-watering returns in 2021.
It's no surprise then that investors are flocking to the space with dreams of quick riches, and Gen Z investors in particular think crypto will make them millionaires, a recent study by data analytics firm Engine Insights showed.
Nearly two thirds — 59% — of Gen Z respondents to the survey believe they could become wealthy by investing in cryptocurrencies.
"This generation has a greater acceptance and comfort with all things digital, so not surprising that would be more comfortable with crypto," Kathy Sheehan, SVP at Cassandra, a division of Engine Insights, told Insider. "This generation has a lot of concerns about debt and finances."
A confluence of factors, from the rising costs of real estate to college education could be to blame, Sheehan told Insider. Inflation reaching 30-year highs has only reinforced the appeal of crypto as the weakening of fiat money dominates headlines.
"They feel that everything financial is harder for them than it was for previous generations," Sheehan said. "Couple that attitude with more of an appetite for risk, it is not surprising that they are hoping for a quick fix or return."
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