About 90% of Bitcoin investors have been seen thinking about their assets that will happen to them after death. In such a scenario, little investors have done proper planning. The newbie Investors in the field are in the wrong way and think for the lives of others.
A study performed by the researchers of Cremation Institute shows that 25% of BTC (bitcoin) investors have made a clear documented plan. The plan includes the distribution of their assets after their deaths.
According to this study, the young generation from 18 to 40 not have comprehensive planning than the older generation. About 65% of Generation Y (born in the 1990s and 2000s) and 41% of Generation Z (born from 1997 to 2012) have done some planning for their Bitcoins. The planning was for the distribution of assets to their loved ones.
People of Generation X (born from 1965 to 1980) and Generation Birth (born from 1946 to 1964) claimed that they have adequately planned to pass on their Bitcoins.
On July 7, Institute of Cremation published a study: “As a larger factor is self-satisfaction, so the necessary planning for the future disorder is because of the fear of losing crypto estate services and lacking government regulation.”
Several Bitcoin Investors have been seen already in the world of cryptocurrency who have not passed the access of their assets to their siblings. So, they go for a “double funeral”, one on the grief of the loved one and second on the loss attached to them. The families then always regret these losses.
From a study by Coincover, because of deaths, the expected loss is more than 29 billion pounds (about 4 million bitcoin). For Instance, in 2018, a U.S. investor named Matthew Mellon died, who left some bitcoins that worth around $500 million.
About 1,150 people were part of the survey in October 2019 and June 2020 during the Cremation Institute study. The purpose of this study was to know about the metrics of crypto investors. It was done as a comparative study comparing those with proper planning and those with no plan for their Bitcoin after they die.
Moreover, the study aimed to establish proportions among those investors who have a plan. Also, the aim was to know the ratio of how they made the plan if they were anxious about their money assets. The results of the study showed that only 65% of crypto investors thought about their mates to save their assets in households for them.
The results also showed that in comparison to men, women were keener to make plans for having accidents about their cryptocurrency fortuity after death. However, the only exception seen as a result of the study was that men in the baby boomers group (Generation Birth) were planning better than women for their assets after death.
The Cremation Institute is a combination of specialists, patrons, and researchers “who plan end-of-life support for individuals and households to promote careful plan and to assure safety at all stages of living.”