Nexo Crypto Asset Lender Shares How Millennials Spend Borrowed Bitcoin Loan Funds

    Instant Crypto Lender Reveals How Millennials Spend Borrowed Bitcoin

    Antoni Trenchev, the CEO of, a well-known crypto lender company, has recently talked to the crypto media outlet CCN and explained, in his view, how Millennials are spending the Bitcoin that they borrow from the Nexo platform.

    Companies like this one let the clients borrow against their own digital assets and spend them without having to cash out their cryptocurrencies. This way, they protected against more taxes and will not miss out the chances of getting money from bull runs. Obviously, the prices are also prone to lose their value as well.

    Because of this, people can either make money or lose it in this case, which can be considered a risky business, as investing in cryptos generally is since the volatility is always so high.

    The CEO of Nexo, after talking about this, affirmed that the lending industry is hurt when there are too many people liquidating their assets. Fortunately, they did not start the company in January 2018, as the value of Bitcoin has plummeted since then. The launch happened in May when prices were trading lower and the clients who got in knew their risks.

    He even affirmed that people would not generally expect people to be so savvy with their money, but they were. They structure their finances well and know what they are spending and how much they are borrowing. Because of this, they had very few liquidations since the company started out.

    How Millennials Used Their Bitcoin

    According to Trenchev, the company also intended to know how people were spending their money, so they tracked it. According to him, most people borrowed to go on vacation, not to make big purchases. He believes that this is very common in the “whole Millennial mindset”.

    Consumer goods are on a downtrend but people are traveling more, especially using Uber and Airbnb. People, according to him, are looking for more life experiences instead of buying assets.

    Obviously, he ignored in the interview how Millennials often have way less money than previous generations and how traveling is cheaper now exactly because of companies like Airbnb. This could mean that, more than only because they “love experiences”, Millennials are investing in what they can actually afford.

    At the end of the interview, the CEO of Nexo also talked about how Brock Pierce recently secured the first mortgage ever using Bitcoin. According to him, he borrowed $1.3 million from the company and used it to buy a house in Amsterdam using Nexo. Now, he is renting the place.

    He affirmed that we will probably see a trend of crypto mortgages coming up soon. People do not want to lose the BTC they hold, but some of them want to enter the real estate market, so this means that it is a way to diversify their portfolio.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    Coinbase Commerce Crosses $200,000,000 In Crypto Payments Since Launch

    Covid-19 hasn't kept consumers from using bitcoin (BTC) as a means of payments for goods and services according to a merchant transaction report from...

    Singapore Exempts Binance, Coinbase, Gemini, and Ripple From its Current PSA Crypto Act

    Singapore is counted among one of the crypto hubs of the world as it offers ease of business for these crypto service providers when...

    The World Has Gone Full Crypto in 2020; Volatility is Up, Stocks Are trading like A Sh*tcoins

    The global markets are on a rollercoaster for the past few weeks, one day they are recording historical one-day gains the next they are...

    South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

    KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible. As per the local...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.