The youngest productive members of society have always struggled to find their way into investing. University, living on rent, limited funding and a low-paying no progress job, almost all of us have been there. Millenials investing into crypto however, has begun to reverse this trend.
The huge crypto boom was responsible for a record number of investments by people aged between 18 and 22. According to eToro, not only did young people invest heavily into cryptocurrencies, they also begun investing in traditional assets.
The brokerage firm states that over 70% of the investors recruited between 2017 and 2018, bought crypto. 11% of those investors have also begun to move towards more traditional assets. These traditional assets include stocks, forex and commodities.
Investors between 25 and 34 were the millennials investing with the highest amount of diversification. More than 40% of the active respondents in this age group were able to expand their portfolios.
Millenials investing into crypto is changing the game
Iqbal Gandham, eToro’s UK Managing Director believes that cryptocurrencies have tore the veil of investing. According to him, cryptocurrencies proved investing is now open to anyone:
“For the longest time, investing has been seen as something done exclusively by the rich. Something which is too complicated for the average man working an average job. Cryptocurrencies have changed all that.”
This is by far not the first time that people have noticed that cryptocurrencies spur interest in investing. Adam Dodds, the founder of Freetrade stated:
“Bitcoin is a gateway drug, instead of crystal meth and heroin however, it’s a gateway drug to something better. Younger generations are quickly learning that they can invest their money in a smart way even after the crypto boom has passed.”
Millenials investing into traditional assets is still an issue. Even though there has been a lot more activity from young investors, this generation is way more distrustful of traditional assets and banking systems compared to older demographics. eToro US’s survey concluded that more than 43% of millennials trust crypto exchanges more than the US stock exchanges.
It’s not a hard fact so swallow, considering most people are now aware of the amount of frauds and manipulations to stock market has been doing over the years. So, it’s not surprising that millennials trust crypto exchanges with all their flaws more than the stock market. The millennials who were beginning their adult lives during the 2008 crisis can piece two and two together and have grown cautious.
With more people aware of the manipulations from the stock market, banks and governments, it’s only a matter of time before a new and better system becomes inevitable.
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