A new report has predicted that a third of millennials – those born between the early 1980s and 2000s – will have money invested in cryptocurrency by the end of next year.
Conducted by the London Block Exchange (LBX), the study reveals that five per cent of those under the age of 35 have already invested in cryptocurrency, while a further 11 per cent are “definitely planning” to invest next year.
On top of this, an additional 17 per cent are “seriously considering” investing in a digital currency by the end of 2018, the research revealed.
Many have been buoyed on by the meteoric rise to fame, and value, of Bitcoin – the most well-known cryptocurrency.
In December 2017, it surpassed the $20,000 per coin mark, far exceeding any other cryptocurrency – and its original and lowest price of just $0.003 in March 2010.
In its report, LBX states that many millennials are turning away from traditional forms of investment to cryptocurrencies because they feel left behind – particularly in regards to property and pensions wealth.
“This study underlines the gulf between the younger generation’s view of money and that of their parents and grandparents,” said LBX Founder and Chief Executive Officer, Benjamin Dives.
“Millennials clearly feel left behind by the old system and are looking at cryptocurrencies as a new dawn.”
Despite its rapid growth, Bitcoin remains extremely volatile, with prices rising and falling rapidly. In fact, the latest high prices have many hallmarks of a bubble and many analysts predict this could soon burst – meaning that it and other cryptocurrencies remain a significant gamble.
It is advised that those considering investing in cryptocurrencies fully understand the significant risks that this form of investment carries, its inability to be easily ‘cashed’ and how each individual coin is created and protected.
In most cases, investors looking to diversify a wider portfolio with an investment in cryptocurrency should seek advice from an independent financial advisor with experience in cryptocurrency.
These articles are of a general nature and are not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what they contain.