The Cremation Institute, a group of experts, contributors, and researchers who work together to create valuable resources related to cremation and financial planning, this week released a comprehensive study on the planning for cryptocurrency assets postmortem. Looking specifically at the new age of cryptocurrency, which is a digital currency backed by a public ledger and blockchain technology, the Cremation Institute wanted to know more about how people are planning to pass along these assets.
“Our study found that 89% of cryptocurrency investors worry about what will happen to their assets after they die,” said Adam Binstock, President of The Cremation Institute. “Yet, despite this worry and real threat of losing their hard-earned crypto assets, only 23% of those investors have a plan.”
According to Coincover, approximately 4 billion Bitcoin have been forever lost due to death. The Cremation Institute’s study found that while complacency is a large factor, issues of a lack of crypto estate services and government regulation are important reasons for overall planning disorganization.
“With the rising wealth and importance of cryptocurrency in our world today, it’s safe to say, it’s not going anywhere,” said Binstock. “That’s why we set out to create important guidelines in our crypto estate planning guide, helping crypto investors to plan for their future. It’s important that we all change and adapt to the new financial planning requirements of today.”
The study concluded that younger generations (such as Generation Z and Millennials) of cryptocurrency investors were far less likely to have some sort of plan, compared with their older (Generation X & Baby Boomer) cohorts.
The results also found that cryptocurrency investors are 4 times less likely to use wills and that women were almost 2 times more likely to pass on their crypto assets than men.
The study also predicted that the crypto asset estate industry will exponentially increase over the next decade, specifically with artificial intelligence services.
The findings were conducted via online survey between October 20, 2019 and June 3, 2020. In total 1,150 participants between the age of 19 and 73 took part in the survey.
For more information and to see the full study, visit https://cremationinstitute.com/crypto-estate-planning-study/ or contact Adam Binstock at: adam@cremationinstitute.com.
About The Cremation Institute
The Cremation Institute is a group of experts, contributors, researchers, who aim to create a reliable community resource for cremation and end of life issues.
