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By RTTNews Staff Writer | Published: 7/8/2020 11:11 AM ET
Most cryptocurrency investors are found to be worried about what will happen to their digital assets after they die, according to a new research conducted by The Cremation Institute.
They are worried that their digital assets will simply disappear after they pass away and not passed on to their loved ones.
89 percent of crypto-asset investors worry about losing their digital assets after they die. Despite this worry, only 23 percent of the investors have a documented plan.
The overall planning disorganization is attributed to the combined issues of lacking crypto estate services and government regulation covering estate planning & crypto assets. Complacency is also seen as a large factor.
The study says younger generations are 10 times more likely not to have a plan in comparison to older generations. 59 percent of youngsters between the ages of 18 to 25 years have no plan, while 35 percent of Millennials reported no plan.
The results analysed by The Cremation Institute also showed that 39 percent of women are significantly more likely than men to have some sort of cryptocurrency contingency plan if they were to pass away.
If a user dies, the program will transfer the contents of his/her cryptocurrency wallets to a specific account, which had been set up and prepared beforehand.
The online survey was conducted between October 20, 2019 and June 3, 2020. In total, there were 1,150 participants between the ages 19 to 73 years. The margin of error for the total survey sample size was recorded at 3.5 percent.
According to Coinmetrics.io, there are currently 12,000 Bitcoin millionaires in the world. There are also many of them who have passed away and their families are unable to access their funds. It is estimated that around 4 million Bitcoin, valued at about $40 billion, has been forever lost due to death, according to Coincover.
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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.
Article reposted on Markethive by Jeffrey Sloe
