Charles Schwab Releases Financial Trust Report
Charles Schwab, one of the largest financial institutions in the United States, released a report this week on millennials purchasing Bitcoin. This report claims that the youth of North America are investing in Bitcoin at a considerably higher rate than central stocks. Corporations like Disney, Microsoft, Tesla, Facebook, and Apple are finding it challenging to acquire younger investors.
The official statistics from the report claim that Bitcoin Trust sells at a rate of 1.85% among those aged between 25 and 39. This percentage is higher than Berkshire Hathaway, the Walt Disney Company, Netflix Incorporation, the Microsoft Corporation, and Alibaba Holdings Group. Their percentages are listed at 1.73%, 1.68%, 1.58%, 1.53% and 1.39% respectively. The data provided by Charles Schwab was compiled through their retirement plan, which maintains more than 140 thousand millennials as clients.
The Grayscale Investment Bitcoin Trust is another retirement plan used by hundreds of thousands worldwide. It works similarly to the cryptocurrency retirement plan maintained by Charles Schwab. However, it was found that this trust hasn’t been remotely on the radar of millennials. It’s estimated that the Grayscale Trust isn’t recognized in the top ten most popular assets for millennials or individuals from GenX. When it applies to the average investor into the grayscale trust, it’s the mature audience.
The report from Charles Schwab states: “The average investor is 45 years old, and the average investor interested in bitcoin is 42. Over one-third of U.S. investors would consider an investment in bitcoin, which roughly translates to 21 million people.”
This trust was first created in 2013 with the granted permission from the Financial Industry Regulatory Authority in America. They began providing cryptocurrency-related products for investors, which quickly allowed them to rise as one of the highest-rated funds in the United States. Since then, their market flow has increased drastically by 200%. It’s estimated that their market cap is listed around $1.55 Billion. However, many executives in the cryptocurrency market claim their success is due to limited competition and that Charles Schwab’s Retirement Plan will force lower profits onto the Grayscale Trust. Regardless, the ongoing race to become the best trust fund for investors is growing. It’s suspected that more competition will arrive later on.