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- Millennials have been observed to be more interested in cryptocurrency than any other age group
- Survey suggests that 20% of the respondents invested in and held digital assets
- Crypto market driven by the millennials majorly because of their savings investments
The market for investment has always been volatile. Even after the risks involved, today’s millennials are persistent towards investing their savings into both cryptocurrency and the share market. A survey was conducted by Vanguard Australia, an investing company. It revealed shocking data that involved the younger generation of the world and how they contribute towards the cryptocurrency and conventional market.
Millennials bury their savings to earn interest on cryptocurrency
Vanguard Australia, an investing company, carried out a survey with a pool of respondents from the age group 25 to 40. The responses suggest that these people are piling their digital investments over time. Due to the surge in interest rates in the pandemic, the public found a growing enthusiasm towards investing their own savings in volatile markets. Most of the investors had put their money in the market for the first time in the year 2020.
The socially driven cryptocurrencies have caught the eye of people sitting at home with more time in their hands. Hence, resorting to more exciting ways of saving and growing their money that would usually sit in a mundane bank account. The poll suggested that about one third of these youngsters took information before investing from their respective family and friends. The survey conducted in Australia also suggested that millennials come under the largest group of investors demographically and have earned great rates of interest by doing so.
Younger investors put their trust on Bitcoin
Even if the Bitcoin price dropped recently, the people who entered the market early, have retained enough profits to suffer the damage of the drop caused by a few tweets by Elon musk. Young people are always being advised to not invest without complete information, knowledge and experience. The Bitcoin price can face 5-10% change in a day very easily. This makes it very unstable and volatile. The future is not certain for Bitcoin but the investors seem to believe in the long term sustainability of the digital money.
The report after the survey clearly directs the fact that Bitcoin and other leading coins are supported by a large crowd and the volatile fluctuation is only part of the long process of adoption.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
