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HOME > PEOPLE > OPINION > An Investment Bank Jefferies Believes That Cryptocurrency Is Developing A New Generation Of Luxury Consumers In The US.
Crypto and NFT NEWSOPINION

An Investment Bank Jefferies Believes That Cryptocurrency Is Developing A New Generation Of Luxury Consumers In The US.

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news room December 17, 2021 59 Views 4 Min Read
Updated 2022/02/21 at 10:46 PM
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An Investment bank Jefferies believes that cryptocurrency is developing a new generation of luxury consumers in the US. The swelling in crypto prices attracted young crypto traders to become luxury consumers, said Jefferies. The crypto traders under 35 years old are shopping for artwork, luxury brands from their crypto profits.

An investment bank Jefferies believes that cryptocurrency is developing a new generation of luxury consumers in the US

An Investment Bank Jefferies Views On Using Cryptocurrency:

The cryptocurrency market surged up to $3 trillion this whole year 2021. The rise in crypto price values is helping to Target the new young generation. With their spending on NFT artwork and high price apparel, American consumers of luxury goods are set to further drive the sale scale in the luxury market beyond pre-pandemic. 

Jefferies is an investment bank situated in America. On Wednesday, said in a research note that:

Chinese consumers left as the dominant force in global luxury spending. However, since the first quarter, “surprise packages” have been developed in the U.S. year-over-year. Additionally, the note indicates findings from visits to 48 stores in New York and Florida. Where buyers can get luxury brands that may include Louis Vuitton and Gucci.

In this regard, Analysts Flavio Cerda and Kathryn Parker wrote:

“Beyond the natural impact of so-called “ pent-up demand”. We flag the significant swell in asset values (from the stock market to real estate to contemporary art) and, above all, the significant impact from crypto wealth which has increased the total of cash transactions again.”

Moreover, their talk with the manager and assistant showed that the vital role is fulfilled by young people under 35 years old. Furthermore, the young crypto traders are earning profit by crypto trading, and they are spending this profit on Luxury brands, NFTs, expensive jewelry, apparel, and other accessories. 

The analysts further included that.

“Our conversation would indicate as much as 20% to 25% of ( last 12 months) sales may have been generated by this method”.

In 2021, for the first time, the crypto market surged up to a $3 trillion valuation. Massively more institutional and retail investors put their money into digital assets, including coins and NFT arts. 

Furthermore, the price value of Bitcoin increased this year by 62% through mid-Wednesday. With the most traded cryptocurrency, over $47,200. However, the crypto market related to violent price swings, its market cap lightened down to $2.3 trillion. 

Channel checks conducted by Jefferies parallel with the Art Basel international (art fair in Miami) and many important crypto trading events. Also, “which Meant almost the perfect pool of interlocutors.”

 The company said that U.S. luxury spending in the financial year 2021 has returned to the scale logged in 2019, before the coronavirus outbreak. It noted that such spending might increase by 45% more than in the same period in 2019.

Jefferies said that :

“This is highly dependent on the resilience of the underlying assets which allow monetization and is therefore implicitly volatile but is at least not subject to the risk of growing government pressure as is the case in China”.

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