The youngest productive members of society have fought to find their way to investing. University, living on lease, limited funding and a low-paying no advancement job, virtually all of us have been there. Millenials investing in crypto however, has begun to reverse this trend.
The enormous crypto boom was in charge of a record amount of investments by individuals aged between 18 and 22. In accordance with eToro, not only did young individuals invest heavily into cryptocurrencies, they also started investing in traditional resources.
The brokerage company states that over 70 percent of those investors recruited between 2017 and 2018, purchased crypto. 11 percent of those investors also have started to move towards more traditional assets. These traditional assets include stocks, commodities and forex.
Investors between 25 and 34 were the millennials investing with the maximum amount of diversification. Over 40 percent of those active respondents in this age group could expand their portfolios.
Millenials investing in crypto is changing the game
Iqbal Gandham, eToro’s UK Managing Director considers that cryptocurrencies have tore the veil of investing. According to him, cryptocurrencies proved investing is currently open to anyone:
“For the longest time, investing was viewed as something done exclusively by the wealthy. Something that’s too complicated for the ordinary man working a normal job. Cryptocurrencies have changed all that.”
This is undoubtedly not the first time that people have noticed that cryptocurrencies spur interest . Adam Dodds, the creator of Freetrade said:
“Bitcoin is a gateway drug, instead of crystal meth and heroin however, it is a gateway drug to a lot better. Younger generations are quickly learning that they can invest their money in a intelligent manner even after the crypto boom has passed.”
Millenials investing in traditional assets remains an issue. Despite the fact that there’s been a lot more action from young investors, this creation is far more leery of traditional assets and banking systems in contrast to older demographics. EToro US’s survey concluded that more than 43 percent of millennials trust crypto exchanges over the US stock exchanges.
It is not a hard fact so swallow, considering most people are now aware of the number of frauds and manipulations to stock market has been doing through the years. Thus, it is not surprising that millennials trust crypto exchanges with all their defects more than the stock exchange. The millennials who were starting their adult lives throughout the 2008 crisis can slice two and two together and have grown cautious.
With more people aware of the manipulations in the stock exchange, banks and authorities, it’s simply a matter of time before a new and better system becomes unavoidable.