A new survey has found that more than one in 10 Americans between 18 to 34 have invested function of their COVID-19 stimulus checks into crypto assets.

Conducted past CNBC and inquiry firm Momentive, the survey queried v,530 adults and found that 11% of the participants had purchased cryptocurrency with their stimulus coin.

Roughly half of the respondents were institute to take funneled their stimulus money into investments broadly — with 15% seeking exposure to stocks, ix% investing in common funds, and 6% bankroll exchange-traded funds (ETFs).

The majority of immature Americans appear bullish on cryptocurrency's future prospects, with sixty% of survey participants indicating they see digital assets as a long-term investment. Past contrast, 21% described crypto as a short-term investment, while 26% said they are engaging with the market place out of excitement.

The appetite of young Americans for crypto appears to be growing, with a Harris Poll carried out in March indicating that only 7.v% of the respondents had invested their stimulus checks into digital assets.

The Momentive Poll also noted a surge in investment involvement amidst Millennials and Gen Zers during 2022. The survey found that most young Americans used mobile trading apps to invest, while social media is their dominant source of marketplace analysis.

Related: 98% of CFOs say their hedge fund will have invested in Bitcoin by 2026: Study

Those who were game plenty to invest their first stimulus check into crypto last twelvemonth are reaping handsome rewards.

Co-ordinate to Bitcoin Stimulus, citizens who invested the entirety of the first $1,200 stimulus checks issued on April xv, 2022 into Bitcoin (BTC) would currently be sitting on more than $8,600 — a 620% gain.

Young crypto investors in Australia are seeing sizable profits from their cryptocurrency investments also.

According to a survey of Australians deputed by local crypto commutation Swyftx, 20% of the participants identifying every bit a Millennial or a Gen Xer accept reported profiting by tens of thousands of dollars from crypto investments over the past 12 months.