A new survey of affluent millennials finds the coveted consumer demographic is investing in Bitcoin and cryptocurrency at a far greater pace than the rest of the population.
The UK law firm Michelmores and research consultancy ComRes interviewed 501 people in the UK who were born from 1981 to 1996. All participants had to have investable assets of £25,000 or more.
According to the results, a full 20% say they have already invested in cryptocurrency – a number that far outpaces estimate on the general population, which typically fall in the range of 1-3%.
Michelmores senior partner, Andrew Oldland QC, says the results indicate millennials may be starting to view crypto assets as a new paradigm shift in the world of finance.
“The survey result that 20% of those interviewed have invested in cryptocurrencies contrasts with a recent survey by the FCA which suggested a figure of 3% across the general population.
This suggests a willingness amongst millennials to move away from traditional forms of investment and to embrace new technologies, almost regardless of the risks – perhaps part of a new identity for a new generation.”