Of Cryptocurrency Investors Worry About Dying With Their
New Research conducted by The Cremation Institute reveals that
89% of cryptocurrency investors worry about what will happen to
their assets after they die. Yet, despite this worry and real
threat of losing their hard-earned crypto assets, only 23% of
investors have a documented plan.
While complacency is a large factor, the combined issues of
lacking crypto estate services and government regulation are
important reasons for overall planning disorganization.
About The Study
Throughout the last decade, crypto asset investors have seen
enormous growth. According to Coinmetrics.io, there are
currently 12,000 Bitcoin millionaires in the world.
But with those 12,000 millionaires, there are also a tragic
number of crypto investors who pass away each year, with
their family unable to access their funds. According to
Coincover, it is estimated that around 4 million Bitcoin
(Approx 40 billion USD) has been forever lost due to death.
So, the question is: are most cryptocurrency investors
failing to plan for what happens to their investments after
Who Is The Cremation Institute?
The Cremation Institute is a group of experts, contributors, and
researchers who create important end-of-life resources for
individuals and families to encourage thoughtful planning and to
ensure security at all stages of life.
With the rising wealth and importance of cryptocurrency in the
financial world, they regard the planning of crypto assets as an
important end-of-life decision. As a result, they recently set
out some important guidelines in their Crypto Estate Planning
Guide to help crypto investors plan for the future.
+1 307 459 4975
Purpose Of The Study
The Cremation Institute set out to understand the metrics
behind crypto investors who had a plan for what happens to
their investment after they pass away, in addition to those
They also sought to understand the proportion of investors
who plan, along with how they planned, and whether they were
concerned about losing their assets.
What Are Crypto Assets?
Before going into the findings of the study, it's important
to give a simple definition of what cryptocurrency is.
While 89% of crypto asset investors worry about losing their
assets, only 23% of people have a plan.
Younger generations are 10 times more likely not to have a
plan in comparison to older generations.
Cryptocurrency investors are more than 4 times less likely
to use wills.
Women are almost 2 times more likely to pass on their crypto
Most Investors Worry About Dying With Their Crypto Assets
The findings overwhelmingly show that cryptocurrency investors
have a real worry about their assets simply disappearing after
they pass away. Overall, 89% of participants worry on some level
about whether their crypto assets will be passed on to their
Despite The Worry – Many Do Not Have A Plan
Despite this worry, many people have no plan in place. This is
especially true for younger generations. The findings reveal
that a concerning 59% of Generation Z crypto holders have no
plan, while 35% of Millennials reported no plan.
Millennials Are 5 Times More Likely Not To Plan Than Baby
The results clearly show that older generations are more
likely to consider future planning for their cryptocurrency
assets. 86% of Generation X's and
94% of Baby Boomers impressively report
having some sort of plan in place to ensure that their
wealth is distributed amongst their family members.
This is in contrast to the younger generations, who are much
less likely to have a plan in place. Both Millennials
(65%) & Generation Z
(41%) reported having some sort of plan in
LESS LIKELY TO HAVE A PLAN IN PLACE
Where People Store Instructions
In The Household
As crypto assets holders generally plan through instructions, it
is important to understand where and how people store them. In
the same breath, it is important to define exactly what
instructions are and what they should look like. These
instructions were precise steps for another person (usually a
next of kin) to access their funds if something should happen to
The findings show that 65% of people generally store them in
their household for their spouse to access. Other popular areas
include a computer (17%) and USB (15%).
And with those findings, another question and issue arose:
safety and accessibility of these instructions.
Cryptocurrency Holders Are More Than 4 Times Less Likely To Use
When analyzing the results, it was observed that
cryptocurrency investors plan their inheritance very
differently than average investors.
In order to compare planning behaviours of cryptocurrency
holders with normal investors, The Cremation Institute
analysed the Caring.com 2020 Estate Planning Study.
According to Caring.com, 32% of people claim to have a will
in 2020. This is in contrast to 7% of crypto holders who
include their digital assets in their will.
This disparity increases for younger generations. For
example, 18% of people within the 18-34 bracket have a will,
while only approximately 3% of crypto asset holders in this
bracket document their plans in a will.
Women Are 39% More Likely To Pass On Their Assets
Results analysed by The Cremation Institute showed that women
are significantly more likely than men to have some sort of
cryptocurrency contingency plan if they were to pass away.
This was significant across all age groups except Baby Boomers,
where males actually planned more than females.
The biggest difference was in the Generation Z segment where
females planned 71% of the time, in comparison to their male
counterparts that planned only 41% of the time.
AI Crypto Estate Services Will Exponentially Grow Over the Next
The gap between the concern for not passing digital assets and
taking the steps to plan ahead is actually quite alarming.
However, part of the equation comes down to a lack of services
and little legislation covering estate planning & crypto
Matthew Burgoyne, attorney from McLeod Law, believes that “we
will see an explosion in the number of AI-based third-party
services, which manage private keys in the event of death. It
is so critical that cryptocurrency is properly accessible to
executors and heirs; this is a major issue”.
He also points out there are a number of unconventional
solutions already available, one notably called “a dead man's
switch.” This is an automated program designed to email the
user at specific times, and wait for a reply. If the program
doesn't receive a reply within a certain period of time, it
will automatically check death certificate records of the
If a user has died, the program will transfer the contents of
his/her cryptocurrency wallets to a specific account (for
example, the account of an executor), which had been set up
and prepared beforehand.
There are a number of similar programs that rely on
inactivity, and Burgoyne believes this will continue to grow
exponentially over the next 10 years.
The study reveals that while most cryptocurrency holders
worry about not passing their assets to their loved ones,
most fail to plan appropriately. And in particular, younger
generations. This lack of estate planning is coupled with a
lack of cryptocurrency estate services and a lack of
government regulation in some jurisdictions.
The online survey was conducted between October 20, 2019-
June 3,2020. In total, there were 1,150 participants between
the ages 19-73. The margin of error for the total survey
sample size is 3.5%.
For more information about our methodology, survey results,
or anything else, please contact email@example.com