Cryptocurrency and blockchain have become the most trending topic worldwide, especially on the internet. Mostly, investors and traders are involved more in cryptocurrencies. Because the crypto market gives good returns, and it offers an excellent opportunity for the traders too.
Recently, a study revealed that 90% of the crypto investors are worried about their investment in cryptocurrencies. They are wondering what will happen to their crypto assets after their Death. However, some people have some proper plans for it. But some investors, particularly younger ones, are only thinking about their own.
How Do Investors Plan their Digital Assets After their Death?
A study was conducted about this by the Cremation Institute. The institute focused on providing resources on effective planning of their funds after the Death of the investors.
According to the study, approximately 30% of bitcoin investors have a proper plan for their digital assets after they die. They have mentioned clearly what will happen and how the funds will be used after their Death. The majority of these investors are older generations; very few younger investors plan for their digital funds.
The study also found that most of the investors between 20 to 40 years of age do not plan for their digital assets after their death. It shows that younger investors are only thinking about their own lives. Most beginners want to be an image because this technique works well in the crypto market.
Some Statistical Data from the Study:
The study also revealed, only a small percentage of Generation Z (approximately), and nearly 60% of millennials confirmed that they have some plan. They reported how their crypto assets would be transferred to their family or loved ones after their death.
On the other hand, the percentage of investors from the older generations is comparatively much higher than younger investors. More than 80% of investors are between the ages 41 to 55 years, who have a proper plan on how their digital wealth will be transferred to their family or loved ones. And more than 90% of investors, who are between the age group 56 to 75 years, plan to make sure that their digital assets are transferred to their loved ones properly.
Reasons for Disorganization in Planning
The study also focused on the people who don’t plan for their investment assets after their Death. Some of the primary reasons are the government’s lack of regulations and a lack of crypto estate services.
Some bitcoin investors have already died without giving their secret keys to their family or relatives. Here it is a double loss for the family because, without the private crypto key, they can’t access the digital wealth they might have with them.
In one way, the deregulation of bitcoin and other cryptocurrencies attract more users while it is also a dark side for the above reason. Investors may get many benefits from the cryptocurrencies without paying any bank fees, other charges, and taxes. At the same time, their investment will not help their family or relatives after they die if they don’t have a proper plan.
The study also showed that women investors are more than men investors who have contingency plans after their Death. The number of female investors is more than that of male investors across all ages except the age group from 56 to 75 years.
The Loss of Digital Assets due to Death
The total estimated value of loss of bitcoin due to death is about 37 billion dollars. In 2018, Matthew Mellon left his crypto assets worth 500 million dollars, which is lost because he did not leave any private keys of his digital wallet with his family or relatives.
The study was aimed to figure out how the investors planned for their digital assets after their death. The research shows that more than 60% of investors leave their digital wealth with their spouses.
The above information shows that the number of crypto investors from the older generation, who plan for their crypto wealth after Death, is more than younger investors.