British company London Block Exchange recently conducted a study involving 2,000 Britons. The results of the study, 5 percent of people under the age of 45 years already invested in the cryptocurrency, and 11 percent plan to do so next year.
Another 17 percent are seriously considering investments in the digital currency before the end of 2018. According to the British newspaper the Independent, in the study it was found that a third of young “millennial” investing in cryptocurrency market in 2018.
“Millennials” prefer cryptocurrency investments
According to the British exchange, cryptocurrency BX youth prefers cryptocurrency investment, as older forms of investment make them feel beaten to it. The study showed a change of thinking “of the younger generation in relation to the view on money compared to their parents and grandparents, having assets that provided them with pensions or property,” – said the founder and CEO of LBX Benjamin Davis.
24 percent of respondents under the age of 35 years and regret not having made investments in cryptocurrency before.
Although this study was conducted in the UK, various organizations have conducted similar surveys in other regions, and their results were the same. Ron Paul, former Congressman Texas, conducted a survey in which 51 percent of the 43 000 social media users expressed a preference for bitcoin in comparison to gold, bonds or US dollars.
According to another study conducted by Harris Poll involving 2000 adult Americans, 50% of “millennial” apply to bitcoin in a positive way. The tendency of young people to acquire the digital currency in two times more than the older generation. Spence Bogart, managing Director of Blockchain Capital, noted that “the survey results reinforce our belief in the opportunities of bitcoin in the future.”
“Millennials” do not trust traditional financial services
Garrigue Heilman, an expert on cryptocurrency and researcher at the University of Cambridge, believes that “the years of the formation of income generation of the Millennium started on the negative effects of the financial crisis, so many of them do not trust traditional financial services or the system in which they operate”. In turn, cryptocurrencies provide an alternative system that can operate independently of the centralized financial institutions. Thus, digital currencies have enormous potential and, as a result, they were able to overcome initial prejudices that accompany their use by young people.
The attitude of the younger age group differs significantly from the views of older people. According to a study by London Block Exchange, 57 percent of people over 55 years of age indicated that they do not intend to purchase digital currency. In the study by Harris Poll, 92 percent of respondents older than 65 believe that large banks are more reliable than digital currency.
Investing in digital currency is still a gamble big
Despite the plans of each of the third of “millennial” to invest in cryptocurrency market in 2018, economists believe that investing in digital currencies remains a gamble for a large sum. There are still concerns about the fall in the value of cryptocurrencies. Light Khalaf, senior analyst at investment company Hargreaves Lansdown, believes that all investors in bitcoin need to understand how investments work, and what factors entail the rise or fall of prices.
“They must be prepared for large losses due to the fluctuating price of cryptocurrency. The acquisition of practical experience through the bitcoin they have to be sure that you understand the operation and risks of the product, and nuances of bitcoin”, he said.