Recent Study Shows Crypto Investments Among Wealthy UK Millennial’s Hits 20%
Cryptocurrency use is becoming more widespread as more people learn about the asset class. Use cases for crypto assets are continually being developed as players in the industry aim to achieve mass adoption. Crypto markets have experienced growth in the number of market participants over the course of the year.
The use of cryptocurrencies has long been associated with tech savvy individuals, particularly the millennial generation. This is due to the sophisticated technological nature of cryptocurrency, and they know how that is needed for one to make proper use of these assets. Cryptocurrencies are also a fairly new financial system and the millennial generation is the one that has been aligned to the formation and growth of these digital currencies.
20% of millennials have invested in crypto
A survey conducted by Michelmores, a law firm in the UK, revealed that about one out of every five millennials has invested in cryptocurrency. The survey was conducted among 500 affluent millennials in the country, each with investment capabilities over £25,000. The survey was looking at this group’s approach to money, investing, lifestyle, and work.
The results of the survey showed that traditional investment methods are still the most popular, even among the millennial generation. Most of the survey participants said that they have some of their investment funds in traditional investments, with 37% investing in shares, 37% in pensions and annuities, and 35 with their funds placed in stocks.
It is widely believed that millennials invest more in impact investments. However, the survey results dispute this notion. Only 16% of the surveyed group said that they have invested in sustainable or social investment funds. About 11% of the respondents have placed their investment in peer to peer lending platforms.
Andrew Oldland, a senior partner at Michelmores, said that the survey showed that 20% of the respondents have investments in cryptocurrency. This finding is contrary to a recent survey conducted by the Financial Conduct Authority (FCA), the results of which revealed that only 3% of the general population has invested in cryptocurrency.
A shift towards investing in cryptocurrency
The figures obtained in the survey conducted by Michelmores show that investing in cryptocurrency is becoming an increasingly popular form of investment, especially among well off millennials. The general opinion that crypto investments are too risky is falling away as more education about this asset class is being received by investors.
Bitcoin trade has gone up significantly this year, and this has resulted in a price surge for the leading crypto asset. All the metrics around Bitcoin have gone up, which suggests that more people are entering the crypto market for the coin.
Cryptocurrency providers will be looking at ways to get more investors outside the millennial generation on board as the asset group largely remains a niche product.