Published: Feb 6, 2018 1:18 p.m. ET People under the age of 30 are more likely to spend money on cryptocurrencies than older generations Bitcoin has had a wild ride. And millennials have decided to go along for it.
Bitcoin peaked near $20,000 per coin in 2017 but is notoriously volatile: Its prices fell below $7,000 in the past few days, losing more than $100 billion in valuation since last week. Other cryptocurrencies are not faring well, either: The overall cryptocurrency market cap has fallen more than 50% since early January, according to CoinDesk, plunging from $830 billion to $366 billion.
But despite the unpredictable nature of cryptocurrencies, many millennials find investing in it less intimidating than putting money in the stock market or other traditional investments. Ironically, the willingness to invest in cryptocurrency, which is notoriously volatile, comes with a disillusionment in the stock market after the 2008 financial crisis, said Julia-Carolin Zeng, a spokeswoman for BitcoinSportsbook.com.
Over 82% of millennials say their investment decisions were influenced by the Great Recession when $14 trillion in wealth was lost. Many saw 50% or more wiped off their parents’ or older siblings’ wealth.
Sam, a New York-based wine and spirits sales representative and engineering student, said the crisis was a huge factor in his decision to eschew stock markets for crypto. He invested $3,800 in savings into cryptocurrencies in 2016, the first time he has even made an investment (he owns no stocks). Read more from marketwatch.com…
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