|

Study says affluent millennials are investing in cryptocurrency

  • The research revealed that youngsters take their investments seriously and prefer electronic trading platforms.
  • 40% of the study group showed that the source of their wealth was investment returns.

A British firm named Michelmores LLP recently studied affluent millennials - people born between 1981 and 1996 with investable assets of £25,000 ($31,000) or more. The research revealed that 20% of the participants have invested in cryptocurrency, such as Bitcoin. This far surpasses the national average of 3%, and even rises to 29% for millennials with more than £75,000 ($93,000) worth of investable assets.

The study also revealed that millennials take their investments seriously and are more likely to engage with crypto exchanges and invest firms digitally. 35% said that they invested through electronic and online platforms. 27% said that they consulted social trading platforms and e-communities of traders. 

Previous generations of young people did not seem to have much regard for establishment ideas like investments. However, the study has shown that 70% of the interviewed people admitted that their wealth came from salary and wages, whereas 40% was through investment returns.

Andrew Oldland QC, senior partner at Michelmores said:

“There are many stereotypes attached to millennials – whether it’s that they spend their money frivolously or that they are overly reliant on the Bank of Mum and Dad long into adulthood. Our research challenges these myths, revealing that a significant portion of this generation who have £25,000 or more have amassed these assets themselves.”

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

More from Rajarshi Mitra
Share:

Editor's Picks

Ripple recovery gains traction as ETF inflows return

Ripple edges higher, trading around $1.54 at the time of writing on Friday as bullish pressure intensifies across the crypto market. This recovery from weekly lows of $1.47 underscores growing appetite for crypto assets and the shift in market sentiment.

Dogecoin eyes $0.10 breakout as broader crypto market recovers

Dogecoin is up 3% on Friday, hovering above $0.097, with bulls aiming for a breakout above $0.10. DOGE futures Open Interest rises 4% over the past 24 hours, pointing to increased position buildup.

Crypto Today: Bitcoin, Ethereum and XRP gains reinforce bullish outlook

Cryptocurrency prices are broadly recovering on Friday, led by Bitcoin moving above $86,000. Ethereum has reaffirmed its bullish outlook, rising above $2,700 while the immediate area at $2,800 caps upside. Meanwhile, Ripple hovers near $1.54.

Bitcoin Weekly Forecast: Is BTC setting up for an Uptober rally?

Bitcoin (BTC) extends its gains, trading near $86,000 at the time of writing on Friday after closing September 6.33% up, reversing its seasonal weakness. Historical data suggest October could be a strong month for BTC, especially after a positive September.

Bitcoin: Is BTC setting up for an Uptober rally?
Bitcoin (BTC) extends its gains, trading near $86,000 at the time of writing on Friday after closing September 6.33% up, reversing its seasonal weakness. Historical data suggest October could be a strong month for BTC, especially after a positive September.